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ICICI Direct: MRPL’s Operating Performance Remains Weak In Q2

ICICI Direct: MRPL’s Operating Performance Remains Weak In Q2

An oil refinery in India. (Photographer: Adeel Halim/Bloomberg)
An oil refinery in India. (Photographer: Adeel Halim/Bloomberg)

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ICICI Direct Report

Mangalore Refinery and Petrochem Ltd. reported a weak set of Q2 FY21 numbers.

Operating revenue increased 51.1% QoQ to Rs 9,686.3 crore while oil throughput also increased 36.2% QoQ to 2.5 million metric tonne due to improvement in demand for petroleum products QoQ.

Reported gross refining margins were lifted by inventory gains and came in at $3.9/ barrel.

Subsequently, Ebitda was at Rs 236.6 crore versus Ebitda loss of Rs 487.7 crore in Q1 FY21.

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ICICI Direct MRPL Company Update.pdf

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