Latest news with #MangaloreRefineryandPetrochemicalsLtd
Hans India
2 days ago
- Business
- Hans India
MRPL incurs Rs272 cr loss in Q1
Mangaluru: MangaloreRefinery and Petrochemicals Ltd (MRPL), the ONGC-owned refining major, posted a consolidated net loss of ₹272 crore in the first quarter of FY26, as softening refining margins and lower revenue from operations weighed on its performance. The company's topline fell sharply to ₹20,988 crore, down nearly 23% from ₹27,289 crore in Q1 FY25. Its Gross Refining Margin (GRM) slipped to US$ 3.88 per barrel, compared to US$ 4.70 per barrel a year ago, amid weaker product cracks and planned maintenance shutdowns. Despite the operational headwinds, MRPL achieved a new milestone by processing 1,512 TMT of crude oil in April 2025, the highest for the month in its history. However, overall throughput for the quarter stood at 3.52 MMT—down from 4.35 MMT last year—due to the shutdown of key units in its Phase-2 complex. Standalone EBITDA for the quarter stood at ₹218 crore (vs ₹650 crore YoY), with the company slipping into a pre-tax loss of ₹403 crore. Consolidated Profit After Tax attributable to shareholders was negative ₹271 crore, against a profit of ₹73 crore in Q1 FY25. Analysts attribute the weak quarter to global refining market volatility, inventory losses, and planned turnarounds. 'The planned shutdown likely affected volumes, and lower GRMs have compressed margins,' an industry observer said. MRPL, a Mini Ratna PSU, plays a critical role in meeting India's petroleum product demand, particularly in the southern markets. The company's performance in the coming quarters will hinge on product spread recovery and full-capacity operations post-maintenance.
Time of India
3 days ago
- Business
- Time of India
MRPL Q1 results: MRPL reports Rs 272 crore loss as revenue and refining margins dip, crude throughput falls YoY
Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of and a Schedule 'A' Mini Ratna Category-I company, on Saturday reported a consolidated net loss of Rs 272 crore for the first quarter of FY26, reversing from a Rs 66 crore profit in the same period last year. Tired of too many ads? go ad free now The company's board approved the Q1 results during its 270th meeting held on July 18. MRPL said the loss was driven by a decline in revenue and lower refining margins, PTI reported. Revenue from operations in the June quarter dropped to Rs 20,988 crore, from Rs 27,289 crore in Q1FY25. Gross Refining Margin (GRM) slipped to $3.88 per barrel from $4.70 per barrel year-on-year. 'Refinery throughput stood at 3.52 million metric tonnes (MMT) of crude and other feedstocks, compared to 4.35 MMT in the year-ago quarter,' the company said in a statement. Despite the overall drop, MRPL said it achieved a milestone in April 2025, processing 1,512 TMT of crude oil — its highest-ever for the month — surpassing the earlier April record of 1,481 TMT set in 2022. Standalone EBITDA fell to Rs 218 crore, from Rs 650 crore a year ago. Profit Before Tax for the quarter was negative Rs 403 crore, compared to a Rs 101 crore profit in Q1FY25. Consolidated loss after tax attributable to owners stood at Rs 271 crore, against a Rs 73 crore profit in the corresponding quarter last year. The company completed scheduled maintenance and shutdown of major units in its phase-2 complex during the quarter, impacting output. It, however, expressed confidence in recovery in the coming quarters, supported by resumption of operations and improved margins.
Time of India
26-06-2025
- Business
- Time of India
Indian refiners' May crude processing edges up 0.4% from a year earlier
Indian refiners' throughput in May rose 0.4 per cent year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday. Refinery throughput in April was at 5.25 million barrels per day (21.49 million metric tons). India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tons. The country is the world's third-biggest oil importer and consumer. "What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined product exports lower versus last year, so I guess that is the reason for the modest change," said Giovanni Staunovo, an analyst at UBS. The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7 per cent to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed. India's Mangalore Refinery and Petrochemicals Ltd shut its 144,000 bpd crude distillation unit in mid-May, according to a refinery source and four traders who confirmed the development in early May.
Time of India
26-06-2025
- Business
- Time of India
Indian refiners' May crude processing edges up 0.4% from a year earlier
Indian refiners' throughput in May rose 0.4 per cent year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday. Refinery throughput in April was at 5.25 million barrels per day (21.49 million metric tons). India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tons. The country is the world's third-biggest oil importer and consumer. "What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined product exports lower versus last year, so I guess that is the reason for the modest change," said Giovanni Staunovo, an analyst at UBS. The share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7 per cent to 1.7 million barrels per day (bpd), tanker data from trade and industry sources showed. India's Mangalore Refinery and Petrochemicals Ltd shut its 144,000 bpd crude distillation unit in mid-May, according to a refinery source and four traders who confirmed the development in early May.
Time of India
26-06-2025
- Business
- Time of India
Indian refiners' May crude processing edges up 0.4% from a year earlier
Indian refiners' throughput saw a slight increase of 0.4% year-on-year in May, reaching 5.47 million barrels per day, driven by strong domestic fuel demand. Despite record-high crude oil imports, refinery runs were only modestly up due to lower refined product exports. Tired of too many ads? Remove Ads Indian refiners' throughput in May rose 0.4% year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on throughput in April was at 5.25 million barrels per day (21.49 million metric tons).India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric country is the world's third-biggest oil importer and consumer. "What drives refinery runs is domestic demand and refined product net exports. Oil demand was modestly up in May versus one year ago and refined product exports lower versus last year, so I guess that is the reason for the modest change," said Giovanni Staunovo, an analyst at share of Russian oil in India's imports in May declined marginally as refiners cut purchases from Moscow by 15.7% to 1.7 million barrels per day (bpd), tanker data from trade and industry sources Mangalore Refinery and Petrochemicals Ltd shut its 144,000 bpd crude distillation unit in mid-May, according to a refinery source and four traders who confirmed the development in early May.
