Mangalore Refinery and Petrochemicals Limited (MRPL) announced a 21% decrease in its third-quarter net profit, driven by a drop in revenues that offset an increase in refinery margins.
For the October-December 2024 period, the company reported a consolidated net profit of Rs. 309 crore, compared to Rs. 392 crore in the same quarter of the previous year. Revenue from operations fell to Rs. 25,601 crore from Rs. 28,364 crore, primarily due to lower oil prices.
Despite this, MRPL’s gross refining margin rose to USD 6.21 per barrel, up from USD 5 per barrel in the previous year. Exports also saw a decline, dropping to Rs. 8,114 crore from Rs. 10,205 crore.
Mangalore Refinery and Petrochemicals Limited (MRPL) is a subsidiary of Oil and Natural Gas Corporation (ONGC), primarily engaged in refining crude oil and producing petrochemical products. It operates one of India’s largest refineries, located in Mangalore, Karnataka.
