Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC) reported a web revenue of Rs 328 crore within the January-March quarter of the monetary 12 months 2020-21. According to a regulatory submitting by the public-sector firm to the inventory exchanges, Mangalore Refinery and Petrochemicals reported a lack of Rs 1,629 crore within the corresponding interval of the earlier fiscal.
The gross income from operations stood at Rs 29,788 crore within the fourth quarter of the fiscal 12 months 2020-21, in comparison with Rs 17,545 crore in the identical quarter within the earlier fiscal. The exports, together with excessive sea-sales and deemed exports for the March quarter stood at Rs 3,903 crore.
Mangalore Refinery and Petrochemicals acknowledged that the outbreak of the COVID-19 pandemic and subsequent lockdown in lots of international locations impacted its enterprise. Due to this, the corporate confronted penalties similar to decrease demand for crude oil, petroleum in addition to petrochemical merchandise. This affected the costs in addition to refining margins.
Mangalore Refinery added that although it resulted in declining gross sales however the capability utilisation steadily improved subsequently. Additionally, the home gross sales of petroleum merchandise will probably be seemed into by getting into into agreements with the oil marking corporations. In order to seize the retail margins, Mangalore Refinery is organising its personal stores, which is being expedited.
On Tuesday, shares of Mangalore Refinery and Petrochemicals Limited settled 8.74 per cent greater at Rs 52.90 on the BSE. Mangalore Refinery and Petrochemicals opened on the BSE at Rs 54, registering an intra excessive of Rs 55.20 and an intra day low of Rs 51.50, all through the session on Tuesday.