Mangalore Refinery and Petrochemicals Ltd (MRPL) has reported more than doubling of its net profit during the fourth quarter ended March 31, 2011 on higher refining margins.
“Net profit was up 119 per cent to Rs 553 crore in the January-March quarter as opposed to Rs 253 crore in the same period an year ago,” the MRPL Chairman, Mr A.K. Hazarika, told reporters here today.
MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), earned $9.09 on turning every barrel of crude oil into petroleum product in Q4 against a gross refinery margin (GRM) of $5.30 per barrel, he said.
Turnover was up 40 per cent at Rs 13,599 crore, while exports rose 55 per cent to Rs 5,240 crore.
The refinery processed 3.37 million tonnes of crude during the quarter compared with 3.06 million tonnes an year ago.
Mr Hazarika, who is also the Chairman and Managing Director of ONGC, said net profit in 2010-11 fiscal increased to Rs 1,176.63 crore from Rs 1,112.38 crore an year ago.