MRPL Faces Revenue Dip Despite Refinery Margin Surge

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a 21% drop in third-quarter net profit, with the net profit declining to Rs 309 crore. Despite improved refinery margins and record crude processing, the decline was due to lower oil prices and a fall in exports.

Mangalore Refinery and Petrochemicals Ltd (MRPL) experienced a 21% decrease in its third-quarter net profit on Monday, attributing the decline mainly to sliding revenues that nullified an increase in refinery margins.

The company's consolidated net profit stood at Rs 309 crore during October-December 2024, a sharp drop from Rs 392 crore in earnings during the same period last year, as revealed in a company statement.

The revenue from operations fell significantly to Rs 25,601 crore from Rs 28,364 crore due to reduced oil prices. Despite earning USD 6.21 per barrel against USD 5 last year, exports dipped to Rs 8,114 crore. The quarter nonetheless reported the highest crude processing at 4.54 million tonnes, with first-time processing of Merey-16 crude from Venezuela, and record production of ATF and benzene.

(With inputs from agencies.)