Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a profit after tax (PAT) of ₹1,137 crore during the fourth quarter of the financial year 2023-24 against ₹1,908 crore in the corresponding period of 2022-23, registering a decline of 40.41 per cent.

The company has declared a final dividend of ₹2 a share.

MRPL informed stock exchanges that it recorded a PAT of ₹3,596 crore during the financial year 2023-24 against ₹2,638 crore in 2022-23, registering a growth of 36.32 per cent.

The company recorded a gross refining margin (GRM) of $11.35 a barrel during the fourth quarter of 2023-24 against a GRM of $15.12 a barrel in the corresponding period of 2022-23. The company’s GRM was at $10.36 a barrel for the fiscal 2023-24 against $9.88 a barrel for 2022-23. (GRM is the difference between the price of crude oil and the end products.)

MRPL’s revenue from operations stood at ₹29,190 crore during fourth quarter of 2023-24 against ₹29,401 crore in Q4 of 2022-23. Revenue from operations was at ₹1,05,223 crore for the fiscal 2023-24 against ₹1,24,736 crore in 2022-23.

Interest-bearing long-term borrowings of the company reduced from ₹14,837 crore as on March 31, 2023 to ₹9,779 crore as on March 31, 2024.

MRPL’s debt-equity ratio improved from 1.70 as on March 31, 2023 to 0.94 as on March 31, 2024.

Dividend

The company had declared an interim dividend of ₹1 per share (10 per cent) on January 22, 2024. In addition to above, the board of directors has proposed a final dividend of ₹2 per share (20 per cent) for the year ended March 31, 2024, be paid on fully paid-up equity shares. The company informed stock exchanges that this final dividend shall be subject to approval by shareholders at the ensuing annual general meeting.

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