MRPL turns around

MRPL is right there among the top five gainers on the BSE since the opening bell. The stock, which had closed yesterday at Rs,.48.65, rushed to hit a new high today at Rs.55.20. up over 13.5%. Volumes on the counter are up over 2 times.

The company posted a turnaround for Q4Fy21 with a net profit of Rs.328 crore v/s loss of Rs.1629 crore (YoY). Gross revenue rose 18.5% to Rs.20,788 crore.

It recorded a GRM of $6.50/barrel v/s (-)$4.52/barrel (YoY). The total throughput of the refinery stood at 4.03 million tonnes v/s 3.83 million tonnes.

The PSU said that lower demand for crude oil, petroleum and petrochemical products has impacted the prices and refining margin globally during the part of the year which has resulted in reduction in sales for the Company. The capacity utilisation gradually improved subsequently.

On the second wave, the company said that based on the current circumstances it expects no significant impact on the continuity of operations of the business on long term basis/ on useful life of the assets/ on long term financial position etc. though there may be lower revenues and refinery throughput in the near future.