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Motilal Oswal Report
Mangalore Refinery and Petrochemicals Ltd. reported lower than estimated Ebitda and profit after tax.
Refinery throughput was in line with our estimate at 3.2 million metric tonne (up 27% YoY), implying a utilisation rate of 86%.
Continued concerns over utilisation rates keeps margin under pressure, with higher operating expense ($2.8/barrel of oil in Q2 FY22), impacting profitability.
Reported gross refining margin stood at $2.22/bbl, with core GRM at $1.69/bbl (estimate: of $1.5/bbl and negative core GRM in FY21 and Q1 FY22).
MRPL's consolidated/standalone net debt stood at Rs 244 billion/Rs 187 billion at the end of H1 FY22 (up from Rs 238 billion/Rs 182 billion at the end of FY21.)
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