The Mangalore Refinery and Petrochemicals Ltd. (MRPL), a Subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC) and a Category I Mini Ratna Company, announces its Audited Financial Results for the Fourth Quarter (Q4) and for the Financial Year 2014-15.

The refinery achieved an operating margin of 8.56 $/bbl and a GRM of 6.97 $/bbl with a throughput of 4.12 MMT for the quarter ending 31-03-2015.

The Q4 performance of MRPL in respect of both Throughput and profits was excellent. The company could achieve highest ever throughput of 4.12 MMT as against 3.84 MMT during Q4 FY 2013-14 by consistent operation of the units. Strong operating performance from the refining business and lower flat prices resulting in lower fuel cost led to higher operating profits.

Profit After Tax (PAT) is INR1,170 Crore (INR1,067 Crore) after considering INR149 Crore as Depreciation (INR177 Crore), INR114 Crore as Interest cost (INR58 Crore) and a net Foreign Exchange Gain of INR168 Crore (INR575 Crore).

(The figures in brackets indicate corresponding figures of Q4 FY 2013-14).

HIGHLIGHTS OF PERFORMANCE FOR FY 2014-15 :

The Company recorded a throughput of 14.65MMT as against 14.55MMT during FY 2013-14.The turnover stood at INR 62,412 Crore during the year as against INR 75,226 Crore during FY 2013-14. Despite increase in throughput, the decline in turnover value is due to steep fall in product prices. The operating performance during the financial year is impacted by the decline in inventory values. The operating margin was 3.44 $/bbl as against 1.69 $/bbl during FY 2013-14. However, the GRM was (-) 0.64 $/bbl as against 2.67 $/bbl in the corresponding previous year due to significant inventory loss of 4.08$/bbl as against inventory gain of 0.98$/bbl in the corresponding previous year.

The after tax loss was INR 1,712 Crore (profit of INR 601 Crore). The loss is after considering INR 499 Crore as Depreciation (INR 706 Crore), INR 407 Crore as Interest Cost (INR 321Crore) foreign exchange loss of INR 683 Crore (loss of INR 2 Crore) and inventory loss of INR 2751 crore (inventory gain of INR 632 crore).

(The figures in brackets indicate corresponding figures of previous year).

MARKETING INTITIATIVES:

The Company has retained its strong market presence in its Refinery zone for products (viz. Bitumen, Sulphur) and has also been able to get a good market reach for Petcoke. Company could evacuate on a consistent basis Petcoke and Sulphur in domestic as well as export market. During Q4 of FY 2014-15 the bulk product movement was to the extent of 0.27 MMT as against 0.14 MMT in corresponding period of Q4 of FY 2013-14.

The company could evacuate higher volumes of products in domestic market thereby reducing the exports. The percentage of domestic volume during Q4 of FY 2014-15 stood at 56% as against 49% in Q4 of FY 2013-14.Product prices are typically higher than those in export market.

The deregulation of HSD pricing has opened up opportunities for recommencing the retail business. MRPL has drawn up plans for opening over 100 retail outlets in the near short term.

CSR INITIATIVES:

The company has undertaken Skill Up-gradation Programme scholarship to students and vocational training of women. In addition, the Company is committed to mission of “Swachh Vidhyalay Abhiyan” and is undertaking construction of 50 toilets in Govt. schools.

CREDIT RATINGS:

After Annual surveillance, the highest Corporate Credit Rating has been reaffirmed by both ICRA and CRISIL in March 2015.

PHASE III REFINERY PROJECT:

All the units of Phase III Refinery Project (except Polypropylene unit) have been commissioned by the end of Financial Year 2014-15. On 5th April 2015, the Hon’ble Union Minister of State I/c for Petroleum and Natural Gas, Shri, Dharmendra Pradhan, inaugurated the 440,000 Tonnes per annum capacity Polypropylene unit. .

AWARDS:

In March 2015, the Federation of Karnataka Chambers of Commerce & Industry (FKCCI) conferred the Best Exporter Award for FY 2013-14 to MRPL in the Medium/Large category in recognition of its INR 35,392 Crore worth of exports.

Issued By
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in