The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC and Schedule A Mini Ratna company, approved its un-audited (Limited Review) results for the first quarter 2014-15.
The Company’s refining throughput was 3.20 MMT as against 3.27 MMT in the corresponding previous quarter; the shortfall is attributed to planned shutdown. The GRM was lower at $ 0.66 /bbl as against $ 2.94 /bbl during the corresponding quarter, due to increased fuel and loss in a scenario of part commissioning of refinery expansion project. The Company has posted a marginal loss of ` 36 crore after adjustment of tax as against loss of ` 454 crore after adjustment of tax during the corresponding previous quarter.
HIGHLIGHTS DURING Q1 (2014-15)
|Gross Turnover (`₹ In Crore)||16,653||16,134|
|Exports ( ₹`In Crore)||5,746||6,928|
|EBITA (`₹ In Crore)||74||(207)|
|PBT (`₹ In Crore)||(74)||(454)|
|PAT (`₹ In Crore)||(36)||(454)|
|GRM (US$ / BBL)||0.66||2.94|
|GRM Break up|
|Operating GRM (` In Crore)||60||274|
|Inventory gain/(loss) (` In Crore)||34||148|
FINANCIAL PERFORMANCE Q1 FY 2014-15
MRPL recorded marginal loss of ` 36 Crore after adjustment of tax in the1st Quarter 2014-15 as against loss after adjustment of tax of ` 454 Crore in the corresponding previous quarter.
The company has adopted depreciation rate in line with the new schedule II to the Companies Act, 2013. The depreciation charge is lower by ` 82.26 crore as compared to earlier years due to increase in useful life prescribed by the new Companies Act, 2013.
AWARDS, RECOGNITION AND ACHEIVEMENTS
- MRPL is certified for Energy Management System ISO 50001, confirming its commitment to energy conversation.
- Federation of Karnataka Chamber of Commerce and Industry has awarded MRPL with a special recognition certificate for its export performance for the year 2013-14.
- MRPL has entered into a contract for next three years with Shell India Markets (P) Ltd. (Indian arm of the Royal Dutch Shell) for supply of Motor Spirit and High Speed Diesel.
- The Company while retaining strong market presence in its Refinery zone for products (viz. Bitumen & CRMB) being marketed to direct customers, the Fuel oil market share has come down due to discount philosophy of the players in the market.
- The company pursuant to commissioning of Delayed Coker Unit has been selling petcoke from April 2014. There is considerable demand for the product and has been able to sell substantial quantity of petcoke produced.
PHASE III REFINERY PROJECT
MRPL Phase III Expansion project is in final stage of completion and has achieved an overall progress of 99.74% as on 15.07.2014. During the first quarter of 2014-15 , the company has commissioned the Delayed Coker Unit (DCU), Coker Hydro Treater Unit (CHTU) and two trains out of 3 trains of Sulphur Recovery Unit (SRU). Petrochemical Fluidised Catalytic Cracking Unit (PFCCU) and one train of Sulphur Recovery Unit (SRU) shall be commissioned shortly within this month. The physical progress of Polypropylene unit (PPU) is 96.30% and is expected to be mechanically completed by October 2014.