Mangalore Refinery and Petrochemicals (MRPL) has turned profitable with the net at Rs 1,067 crore in the quarter ended January-March of FY14 as against loss of Rs 62 crore in corresponding quarter of last fiscal, driven by forex gain, higher other income and better operational performance.
Mangalore Refinery and Petrochemicals (MRPL) has turned profitable with the net at Rs 1,067 crore in the quarter ended January-March of FY14 as against loss of Rs 62 crore in corresponding quarter of last fiscal, driven by forex gain, higher other income and better operational performance.
Net sales grew 3 percent to Rs 19,127.5 crore during March quarter as against Rs 18,579.5 crore in same quarter last year.
Gross refining margin improved quite significantly to USD 3.18 a barrel in Q4FY14 versus USD 1.98 a barrel in the year-ago period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose nearly four times to Rs 1,099 crore from Rs 283 crore year-on-year.
MRPL has earned foreign exchange gain of Rs 575 crore during the quarter as against Rs 85.6 crore in same quarter last year. During the same period, other income shot up to Rs 157.2 crore from Rs 17 crore and finance cost declined to Rs 58.2 crore from Rs 70.6 crore.
Tax expenses (include deferred tax assets) stood at Rs (203) crore as against Rs 108.4 crore year-on-year. "The company has recognised the deferred tax asset (net of liabilities) during Q4 amounting to Rs 276 crore as against nil last year. The company has provided for MAT tax of Rs 73 crore in Q4," the company says in its filing.
The stock of Mangalore Refinery and Petrochemicals, which announced earnings after market hours, close at Rs 67.70, up 6.53 percent on the BSE.
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