MRPL turns around with Rs 1,059-crore profit in Q2; shares rally nearly 3%

For the quarter ending September 2023, the state-owned petroleum refinery company recorded a decline in revenue from operations to Rs 22,844 crore from Rs 28,453 crore in the previous fiscal.

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Shares of Mangalore Refinery and Petrochemicals (MRPL) gained over 2.7 percent at the open on November 1 after the state-run petroleum refiner announced its financial results for the second quarter. As of noon, the stock was trading at Rs 106.30, around 2.5 percent higher than the October 31 close.

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According to a regulatory filing, for the quarter ended September 2023, MRPL recorded a decline in revenue from operations to Rs 22,844 crore from Rs 28,453 crore in the previous fiscal.

Profit after tax for the September quarter stood at Rs 1,059 crore against a net loss of Rs 1,789 crore a year back. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also grew to Rs 2,213 crore from a negative EBITDA of Rs 1,963 in the previous fiscal.

Also read: MC Pro Inside Edge | Desi Soros, King Tring, a fund manager’s flight, value signalling, and Catch-22

Analysts at Motilal Oswal gave a ‘neutral’ rating to the stock. According to the report, the refining throughput was below estimates at 3.2 million tonnes versus estimates of 4.3 mmt, down 19 percent YoY. The EBITDA was also lower compared to their estimates of Rs 4,38o crore along with the net profit which was also lower compared to estimates of Rs 2,89o crore due to
higher-than-estimated forex losses.

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