Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a loss of Rs 454 crore during the first quarter of 2013-14 against a loss of Rs 1,521 crore during the corresponding period of the previous fiscal.
In a statement to stock exchanges on Thursday, the company attributed the depreciation of the rupee as one of the reasons.
The company suffered an exchange loss of Rs 517 crore during the quarter. The rupee depreciated from Rs 54.31 to Rs 59.40 against the dollar during the first quarter of 2013-14.
However, the exchange loss was Rs 649 crore in Q1 of 2012-13.
The company said that the loss of Rs 454 crore during Q1 of 2013-14 is after considering Rs 169 crore (Rs 138 crore) as depreciation, Rs 78 crore (Rs 110 crore) as interest cost, and Rs 27 crore (Rs 46 crore) as interest income.
On Thursday, the MRPL scrip closed at Rs 29.95 on the BSE, up 0.67 per cent, against the previous close of Rs 29.75.