Mangalore Refinery and Petrochemicals Ltd (MRPL) saw a 40.41 percent decline in net profit for the fourth quarter of fiscal year 2023-24, recording Rs 1,136.84 crore, down from Rs 1,907.98 crore in the same quarter the previous year. Despite this year-on-year decline, the company saw a substantial increase of 193.71 percent in Profit After Tax (PAT) on a quarter-on-quarter basis, up from Rs 387.06 crore in the December quarter of FY24.
Over the entire fiscal year 2023-24, MRPL achieved a 36.3 percent increase in net profit, rising from Rs 2,638.39 crore in FY2022-23 to Rs 3,595.93 crore.
In the revenue segment, MRPL’s earnings from operations slightly fell by 0.71 percent year-on-year in the fourth quarter of FY24 to Rs 29,190.05 crore, down from Rs 29,401.49 crore in the corresponding quarter of the previous year. However, the revenue saw a near 3 percent increase from the Rs 28,364.37 crore reported in the December quarter of FY2023-24.
Operating profit (EBITDA) saw a significant drop of 33.3 percent in the March quarter of FY24, decreasing to Rs 2,329.7 crore from Rs 3,490.2 crore in the same period last year. Correspondingly, the EBITDA margin decreased to 9.2 percent from 13.8 percent.
The Board of Directors has proposed a final dividend of Rs 2 per share, which is 20 percent of the face value, amounting to Rs 350.52 crore. This proposal is pending approval by the company’s members and, once declared at the Annual General Meeting (AGM), will be paid within 30 days. The record date for the dividend payment will be announced in due time.
