MANGALORE REFINERY AND PETROCHEMICALS LIMITED (A subsidiary of ONGC)
MRPL POSTS HIGHER THROUGHPUT, TURNOVER AND MODEST PROFIT FOR THE FINANCIAL YEAR 2013-14
The Mangalore Refinery and Petrochemicals Limited, a subsidiary of Oil & Natural Gas Corporation Ltd., (ONGC) and a category I Mini Ratna Company announces its Audited results for the Fourth Quarter (Q4) of FY-14 and for the Financial year 2013-14.
Performance Highlights of Fourth Quarter (Q4) FY-14 and FY14
SUMMARISED OPERATIONAL AND FINANCIAL HIGHLIGHTS
|2013 14||2012 13||% variation||2013 14||2012 13||% variation|
|Gross Turnover ₹ inCrore)||20032||19462||2.93||75226||68834||9.29|
|Export Turnover ( ₹ inCrore)||8907||9676||-7.95||35392||33340||6.15|
|(Exchange gain/(loss) (₹ inCrore)||575||86||--||(2)||(536)||--|
|Inventorygain/(loss) (₹ inCrore)||503||504||--||674||1116||--|
- The Company has recognized the Deferred Tax Asset (net of liabilities) during the Q4 FY-14 amounting to Rs 276 cr as against NIL last year . The Company has provided for MAT tax of Rs 73 cr in Q4 FY-14.
Considering the working capital requirement, past losses and project expenditure the Board of Directors has not recommended any Dividend payout for the Financial year 2013-14.
The Company embarked into bulk sales of HSD after the introduction of dual pricing for HSD. The turnover of Direct Marketing stood at Rs 2,291Crore in FY-14 as compared to Rs 2,583Crore in FY-13. The Company could establish a good market reach for sale of Petcoke after commissioning of Delayed Coker unit in April 2014. The Company’s Joint Venture (Shell MRPL Aviation Fuel services Limited) for marketing ATF has performed well and has increased its turnover by 34% in FY14 as compared to last year.
Phase III Refinery Upgradation and Expansion Project :
The Phase III upgradation and expansion project has achieved an overall progress of 99.68% as on 15.5.2014. The Company has already commissioned the SPM facility in August 2013. During the month of April/May 2014 the Delayed Coker Unit and Coker Hydro Treater Unit and one SRU unit have been commissioned. PFCC and two trains of SRU shall be commissioned shortly.
The physical progress of Polypropylene unit is 95.6% and is expected to be commissioned by July 2014.
The total capital expenditure incurred for all these projects so far is Rs 13,005 cr.
Speaking on the occasion Shri D.K.Sarraf Chairman complemented the Team MRPL for the excellent physical and financial performance.
He thanked all the stakeholders for their unstinted support and confidence in MRPL.