MRPL Faces Profit Downturn as Revenue and Margins Shrink
MRPL, a subsidiary of ONGC, reported a net loss of Rs 272 crore in Q1 FY 2025-26, down from a profit last year. Revenue decreased to Rs 20,988 crore. Although crude processing hit a new high in April, both EBITDA and Profit Before Tax saw significant declines.
In a significant financial downturn, Mangalore Refinery and Petrochemicals Ltd (MRPL), an ONGC subsidiary, declared a consolidated net loss of Rs 272 crore for the first quarter of FY 2025-26. This marks a stark contrast from the Rs 66 crore profit recorded in the same period last year.
The company's Board of Directors approved the Q1 financial results at their 270th meeting, indicating a drop in revenue from Rs 27,289 crore to Rs 20,988 crore year-on-year. Moreover, the Gross Refining Margin plummeted to USD 3.88 per barrel, shedding light on increased financial pressure.
MRPL reported processing 3.52 million metric tonnes (MMT) of crude, down from 4.35 MMT. Nonetheless, the company reached a remarkable milestone by processing 1,512 TMT of crude in April alone. Despite the losses, MRPL remains a key player in India's energy sector with prospects of recovery in upcoming quarters.
(With inputs from agencies.)
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