MRPL Q4 Review - In-Line Results, Debt Increases: Motilal Oswal
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Motilal Oswal Report
Mangalore Refinery and Petrochemicals Ltd. reported Ebitda in line with our estimates (at Rs 8.5 billion), but lower than-estimated profit after tax of Rs 3.3 billion – due to high interest cost.
Refining throughput increased (to a ~107% utilization rate) on the back of increasing demand for petroleum products.
However, current utilisation has declined to ~80% due to the ongoing lockdowns.
A key concern noted as per the results was the increase in consolidated debt by ~35% YoY to Rs 227.5 billion in FY21 (standalone debt up 49% YoY to Rs 153.6 billion) – amid the acquisition of a 100% stake in ONGC Mangalore Petrochemicals Ltd. and loss during nine months FY21.
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