Mangalore Refinery and Petrochemicals Ltd (MRPL) has recorded a net profit of ₹234.01 crore in the first quarter of 2017-18 against a net profit of ₹718.49 crore in the corresponding period of previous fiscal, registering a decline of 67.43 per cent. A press release said here on Friday that the decrease in profit is on account of reduction in prices of crude oil and finished products. This has resulted in inventory loss of ₹438 crore during the quarter. MRPL had inventory gain of ₹859 crore in Q1 of 2016-17.

The GRM (gross refining margin) for the quarter stood at $4.74 a barrel against $10.01 a barrel in the corresponding quarter of previous year. (GRM is the difference between crude oil price and total value of petroleum products produced by the refinery.)

The refining throughput of MRPL stood at 3.98 million tonnes during the quarter against 3.66 million tonnes in the first quarter of 2016-17. It exported 0.97 mt (1.29 mt) during the period. The release said that the company achieved a turnover of ₹14,491 crore during the quarter against ₹11,588 crore during the first quarter of 2016-17. Of this, the share of exports stood at ₹2,874 crore (₹3,380 crore).

MRPL has increased its market presence by way of direct marketing of products such as petcoke, sulphur and polypropylene. It is also increasing the product grades of polypropylene to enhance its market share, and thereby, fetch higher margins, the release said.

On the BSE, the scrip of MRPL closed at ₹126.50 on Friday, up 0.44 per cent, against the previous close of ₹125.95.

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