The company has achieved highest ever production for polypropylene, LPG and motor spirit
Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a net profit of ₹3,008.18 crore during the fourth quarter of 2021-22 as against a profit of ₹267.51 crore in the corresponding period of 2020-21.
Gross revenue from the operations of the company stood at ₹28,228 crore during Q4 of 2021-22 as against ₹20,793 crore in the corresponding quarter of 2020-21.
In a late evening information to the stock exchanges on Wednesday, the company said the meeting of the board of directors, which met on May 11, has not recommended any dividend on shares.
The total throughput of the refinery stood at 4.38 million tonnes (mt) during the Q4 of 2021-22 as against 4.03 mt in the corresponding period of the previous financial year.
The company achieved a capacity utilization of 116.96 per cent for the fourth quarter of 2021-22 as compared to 107.50 per cent for the corresponding quarter of previous financial year.
Revenue, profit during FY’22
Profit for the financial year 2021-22 stood at ₹2,955.27 crore as against a loss of ₹761.17 crore during the fiscal 2020-21. The gross revenue from operations stood at ₹86,064 crore during 2021-22 as against ₹50,796 crore in 2020-21.
The company achieved a capacity utilization of 100.17 per cent for 2021-22 as compared to 76.65 per cent in the previous financial year.
The company said it has achieved highest ever production in a year for polypropylene at 460 TMT (thousand metric tonnes) against440 TMT, LPG at production 1,049 TMT, and motor spirit at 1,727 TMT.
It said retail expansion plan is put in place for the next five years. As on date, 35 retail outlets have been commissioned.
The refinery successfully processed various new crude oils. These included Tupi Crude from Brazil, Amna Crude from Libya, Egina Crude from Nigeria, and Baobab Crude from Ivory Coast.
The company achieved highest ever motor sprit production and highest ever high speed diesel dispatch for a month during March 2022.
The desalination plant of MRPL, which was commissioned in December 2021, will mitigate one of the major risks faced by the company with respect to water availability, it said.
On the amalgamation of ONGC Mangalore Petrochemicals Ltd (OMPL) with MRPL, the company said the board of directors had approved a scheme for amalgamation of the erstwhile wholly owned subsidiary company OMPL with it on June 10, 2021 as a part of the reorganization of the group.
Prior to this, the company had acquired the control over the amalgamating company on February 28, 2015 by acquiring 51.0017 per cent of equity shares. Subsequently, the company had acquired additional shares to the tune of 48.9981 per cent from non-controlling shareholders – that is from Oil and Natural Gas Corporation (ONGC) Ltd – OMPL on January 1, 2021.
The company said that the amalgamating company was primarily engaged in operating a green field petrochemicals project consisting of an aromatic complex situated in Mangalore Special Economic Zone (SEZ) for production of para-xylene, benzene and other products.
Pursuant to the scheme of amalgamation approved by the Union Ministry of Corporate Affairs in its order dated April 14, 2022, OMPL has been amalgamated with MRPL with effect from the appointed date April 1, 2021, it said.