Motilal Oswal: MRPL Q2 Review - Core GRM Continues To Be A Concern; Forex, Investment Gains Save The Day
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Motilal Oswal Report
Mangalore Refinery and Petrochemicals Ltd.’s better-than-expected reported gross refining margin led to a beat on Ebitda, further supported by lower other expenditure during the quarter.
However, adjusting for inventory gains in Q2 FY21, the company’s core GRM continues to struggle (as seen in the last couple of quarters too).
It has not been good on a sustainable basis, having been hit by water woes at times and by technical issues at other times.
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