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MRPL Posts Highest Ever PBT Of INR 2,897 Crore for Q4 FY2016-17 and Highest Ever PBT of INR 5,531 Crore for FY2016-17 on Achieving Highest Ever Throughput of 16.27 MMT in FY 2016-17 & Declares Dividend @ 60% (I.E. INR 6/- Per Share Amounting To INR 1,051.56 Crore.)

Dated: 18 May 2017 11:38:00 AM

The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary Company of ONGC, today approved its Unaudited Financial Results for the fourth quarter of FY 2016-17 along with the Audited Financial Results for the FY 2016-17.

The highlights of the Quarter’s Results are:-

Key Parameters Q4 FY 2016-17 Q4 FY 2015-16
Throughput (MMT)  4.23  4.52
Turnover  (INR in Crore) 18,100 13,477
GRM (INR in Crore)  1,667 1,819
GRM ($/bbl) 8.25 8.24
EBIDTA (INR in Crore) 3,189 1,768
PBT (INR in Crore)  2,897 1,374
PAT (INR in Crore)  1,942 1,362
TCI * (INR in Crore)  1,937 1,364 
* Total comprehensive income

MRPL has achieved Highest ever PBT of INR 2,897 Crore during Q4 FY 2016-17.
It has posted Turnover of INR 18,100 Crore for the fourth quarter of FY 2016-17 which shows an increase of 34% as compared to INR 13,477 Crore in the corresponding quarter of FY 2015-16. This is mainly on account of increase in the product prices as compared to the corresponding quarter.

The table below gives summarized financial highlights and key indicator.

Particulars   FY Q4
2016-17 2015-16 % Variation     % Variation
2016-17 2015-16
Throughput (MMT) 16.27 15.69 4% 4.23 4.52 -7%
Turnover (INR In Crore) 59,415 50,864 17% 18,100 13,477 34%
GRM (INR In Crore) 6028 3982 51% 1667 1819 -8%
US $/bbl) 7.75 5.20 49% 8.25 8.24 -
EBIDTA    
(INR In Crore) 6726 2459 174% 3189 1768 80%
PBT
(INR In Crore) 5531 1158 378% 2897 1374 111%
PAT (INR In Crore) 3644 1147 218% 1942 1362 43%
TOTAL COMPREHENSIVE INCOME (TCI) (INR In Crore) 3639 1147 218% 1937 1364 42%

FINANCIAL PERFORMANCE REVIEW AND ANALYSIS:

A. Analysis of results for the FY-2016-17

The Company has achieved highest ever Throughput of 16.27 MMT for the FY 2016-17 as against 15.69 MMT during last FY 2015-16.

The company has achieved a turnover of INR 59,415 Crore (exports INR 14,457 Crore) during FY 2016-17 as against INR 50,864 Crore (exports INR 12,616 Crore) during the FY 2015-16 (overall increase by 17% and Exports by 15%). The increase in Turnover is on account of increase in throughput and also due to increase in product prices.

MRPL has posted highest ever Profit After Tax (PAT) of INR 3,644 Crore (after considering INR 678 Crore as Depreciation, INR 517 Crore as Interest Cost, Net Foreign Exchange loss of INR 59 Crore), as against PAT of INR 1,147 Crore during FY 2015-16. The exceptional income of INR 1,597 Crore  considered in arriving the PAT during FY16-17 was on account of exchange rate variation gain arising out of settlement of trade payables.

B. Analysis of results for Q4 FY 2016-17

MRPL has posted highest ever Profit After Tax (PAT) for Q4 FY 2016-17 of INR 1,942 Crore (after considering INR 170 Crore as Depreciation, INR 122 Crore as Interest Cost, Net Foreign Exchange gain of INR 305 Crore), as against PAT of Rs.1362 Crore for Q4 FY 2015-16. However, the Throughput of 4.23 MMT for the Q4 FY 2016-17 is marginally lower as against 4.52 MMT in Q4 FY 2015-16 on account of shut down of one of the primary unit for 5 days during the quarter.

MRPL has achieved Turnover of INR 18,100 Crore (exports INR 3,913 Crore) for the Q4 FY 2016-17 as against INR 13,477 Crore (exports INR 3,375 Crore) during the corresponding quarter of FY 2015-16 (overall increase by 34%).  The increase is mainly on account of increase in the product prices during the current quarter as compared to the corresponding quarter. Further, the percentage of dispatches for export sales to total sales has decreased on account of more domestic off take.

C. Dividend  

The Company has recommended dividend @ 60% (i.e. INR 6/- per share) amounting to INR 1,051.56 Crore.

MARKETING INTITIATIVES:

The Company has increased its strong market presence by way of direct marketing of its products Petcoke, Sulphur and Polypropylene. The company is increasing the product grades of Polypropylene to enhance Polypropylene market share and thereby fetch higher margins.