The steep rupee depreciation versus dollar has significantly pulled down Mangalore Refinery and Petrochemicals Ltd's (MRPL) second quarter net profit.
The net profit for the quarter of the current fiscal stood at Rs 24 crore against Rs 282 crore in the same period last year. “The second quarter is impacted by steep rupee depreciation from Rs 45.35 versus dollar (as on June 30, 2011) to Rs 49.30 (as on September 30),” the company said.
The profit for the quarter was calculated after considering Rs 97 crore as depreciation, Rs 73 crore as interest cost, Rs 27 crore as bank charges, Rs 150 crore as interest income and foreign exchange loss of Rs 352 crore.
According to the company, it achieved an operating margin of $4.84 a barrel during the quarter against $3.96 a barrel in the corresponding quarter.
The turnover for the quarter was up 29 per cent at Rs 12,404 crore.
MRPL shares closed at Rs 63.50 at the BSE on Friday.