Mangalore Refinery and Petrochemicals Ltd (MRPL) posted a loss of ₹188 crore during the third quarter of the current fiscal against a net profit of ₹586 crore in the corresponding period of the previous fiscal.

The board of directors of MRPL, which met on January 30, approved the standalone and consolidated unaudited financial results for the third quarter and nine months ended December 31.

Windfall tax

Giving derails about the impact of windfall tax on export of motor spirit (MS), high speed diesel (HSD) and aviation turbine fuel (ATF), a company press release posted on the BSE website said the Government of India has levied Special Additional Excise Duty (SAED) and Road and Infrastructure Cess (RIC) on export of HSD, ATF, and MS effective from July 1 2022, and correspondingly there is further decrease in domestic refinery transfer price (RTP). (RTP is the price paid by the oil companies to domestic refineries for purchase of finished petroleum products at refinery gate.)

During the reporting quarter, the actual windfall tax paid on exports stood at ₹529 crore. Estimated windfall tax implication on RTP was at ₹1,517 crore. With this, the total impact of windfall tax stood at ₹2,046 crore during the period.

It may be mentioned here that businessline in a story dated July 11, had highlighted the impact of the Government’s move on imposing windfall tax on the standalone public sector refiners such as MRPL.

Gross turnover

The gross turnover of the company was at ₹30,932 crore during the reporting quarter against ₹25,027 crore in the corresponding period of the previous fiscal.

The gross refining margin (GRM) of the company was at $3.88 a barrel ($9.01 a barrel). GRM is the difference between the price of crude and the end products such as diesel, petrol, etc.

On Monday, the MRPL scrip closed at ₹57.60 on the BSE, down 0.43 per cent against the previous close.

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