MRPL

Mangalore Refinery & Petrochemicals Ltd, MRPL, a PSU of ONGC is India's largest importer of Iranian crude. It announced its Q2 numbers after the market closed on Friday, 2nd Nov and it had a lot to cheer for.  In current Q2, the company’s import of crude from Iran was down 31% on QoQ and yet, that has not impacted the performance. Thanks to the YoY throughput going up by 17% and exports rising 15%, the company’s turnover rose 38% at Rs.17,148 crore and net profit was at a whopping Rs.1185 crore, up from a mere Rs.24 crore in Q2FY11. GRM was up from US$4.80/bbl to US$9.19/bbl.  The higher throughput , distillate yield, favourable rupee to dollar helped push up the GRM. The company also had a forex gain of Rs.284 crore.  In Q1Fy13, the company had a huge loss of Rs.1520 crore and this keeps the company’s profit in the red, at Rs.335 crore for H1FY13.

The company’s third phase for expansion to increase the refining capacity from 11.82 MTPA to 15 MTPA is 96.80% completed. The commissioning of DHDT will be completed by 2nd week of Nov’12. Its polypropylene project has been completed 83.5% and is expected to be commissioned by early 2012.  The company has stated that company as such was working on reducing imports and it recently expanded its capacity by 27% to 15 million tons a year, or 300,000 barrels a da. Though this has increased its requirement of crude oil, the company has been buying more crude from the spot market to offset the drop in imports from Iran, with which it has favorable terms such 90 days of credit period.  At end of Q2FY13, HPCL held 16.96% stake, ONGC held 71.63% and LIC holds 1.17%.