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Hit by windfall tax, MRPL reports net loss of Rs 1,789 crore in September quarter

Hit by windfall tax, MRPL reports net loss of Rs 1,789 crore in September quarter

Hit by windfall tax, MRPL reports net loss of Rs 1,789 crore in September quarter
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By Sonal Bhutra   |Sonal Bhutra Oct 31, 2022 12:11:31 PM IST (Published)

On the bright side, the Mini-Ratna refiner recorded its highest-ever ATF production in September this year at 178 TMT.

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State-owned Mangalore Refinery and Petrochemicals (MRPL) has reported a net loss of Rs 1,789 crore in the July-September quarter of the current fiscal year.


The company reported a net profit of Rs 2,707 crore during the June quarter.
The company attributed the net loss due to the imposition of a windfall tax on the export of High Speed Diesel, Aviation Turbine Fuel, and Motor Spirit from July 1 this year. This impacted the company's financials by Rs 1,026 crore during the quarter.
A further decrease in the Domestic Refinery Transfer Price (RTP) hit the company's balance sheet by Rs 1,163 crore.
Gross revenue from operations declined to Rs 24,608 crore from Rs 32,289 crore in the June quarter.
The company reported an EBITDA loss of Rs 1,789 crore, compared to an operating profit of Rs 4,712 crore sequentially.

Gross refinery margin (GRM) stood at a negative $4.46 per barrel as against a positive $2.26 per barrel in the April-June period.

On the bright side, the Mini-Ratna refiner recorded its highest-ever ATF production in September this year at 178 TMT. The previous record of 170 TMT was registered in December 2018.

The highest Sulphur dispatch of 36.76 TMT in the domestic market for September was another highlight.

Shares of MRPL are trading 4.2 percent lower at Rs 54.20 as of 12:10 PM. The stock is up 24 percent this year so far.

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