×
AA+A-Screen Reader Access
हिन्दी

FINANCIAL RESULTS OF MRPL FOR 4th QUARTER & YEAR ENDED 31ST MARCH 2009

Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC and a category I Mini Ratna, announced its audited results for the Fourth quarter and Financial Year 2008-09 recording impressive growth and setting higher benchmarks in performance despite global downturn.

HIGHLIGHTS for FY 2008-09:

  • Highest ever Refinery Crude Throughput at 12.59 MMT (up from 12.55 MMT)
  • Highest ever capacity utilization at 130%, up from 129%, Highest capacity utilization amongst all Indian Refineries.
  • Highest ever Turnover at Rs.42,719 crore, up 14% from Rs. 37,339 crore.
  • Highest ever Profit Before Tax of Rs.1812 crore, up 5% from Rs.1733 crore
  • Hydrocraker the major secondary processing unit achieved highest ever processing of 2.916 MMT (Capacity 121%)
  • Energy index of 59.07 MBM which is the lowest ever achieved

In FY 2008-09 MRPL's performance on fiscal and physical parameters have been quite appreciable and the company earned a net profit of Rs.1193 crore as compared to Rs.1272 crore in the previous year, after providing for interest and finance charges of Rs. 143 crore (Rs. 148 core), depreciation of Rs. 382 crore (Rs 378 crore) and tax provision of Rs. 619 crore (Rs. 461crore net of credit for MAT paid in earlier years ). Exports during the year were Rs. 11,608 crore ( Rs. 11,232 crore ).
GRM for the year is US$ 5.33 / bbl (US$ 6.92 / bbl)

Despite significantly lower net Profit after Tax, the Board of Directors recommended to maintain the dividend of Rs.1.20 per share of Rs. 10 each (Rs.1.20 per share of Rs. 10 each).

PERFORMANCE in the Q4:

During the 4th quarter ended 31st March'2009, MRPL has recorded the highest ever crude throughput at 3.42 MMT (3.15 MMT) up 9%. Turnover during the quarter was Rs. 7,630 crore (Rs. 10,812 crore) down 29% due to steep fall in prices of oil products. The Net Profit after tax for the quarter is Rs. 608 Crore (Rs. 225 crore), after providing for interest and finance charges of Rs. 33 crore (Rs.36 core), depreciation of Rs. 95 crore (Rs.95 crore) and Tax Provision of Rs.276 crroe (Rs.84 crore).
GRM for the quarter is US$ 7.54 / bbl (US$ 5-56 / bbl).
(Figures in bracket represent corresponding quarter / previous year figure)

AWARDS, RECOGNITION AND ACHEIVEMENTS:

The excellent standards maintained by the Refinery on the production, energy and safety front, enabled us to bag several awards as under:

  1. Best Exporter Award (Gold) - 2008 for exporting products through NMPT, by FKCCI.
  2. The "Oil & Gas Conservation Award-2008" for Furnace & Boiler Insulation Effectiveness & Efficiency" instituted by CHT.
  3. "Energy Efficiency Unit" award in the National Award for Excellence in Energy Management - 2008 under Refinery category instituted by the Confederation of Indian Industry. The Special Encouragement Award from the Forum of Women in Pubic Sector, a body comprising of women employees working with Public Sector companies and Banks, for its women development efforts during 2008.
  4. ICRA reaffirmed Issuer rating of "Ir AAA" to MRPL for lowest credit risk.
  5. Secretarial department of MRPL has been accredited ISO 9001:2008 by M/s. Bureau Veritas Certification (India) Private Limited. MRPL is the first PSU to get such an accreditation for the secretarial department.

MARKETING INTITIATIVES:

  1. MRPL attained an overall growth of 23% covering four products (Bitumen, Furnace Oil, Naphtha and Sulphur) under direct marketing. Sales of 624 TMT in 2008-09 vis-a-vis 508 TMT in 2007-08. Growth of 22.8 %
  2. Sale of CRMB (A Value added Bitumin) increased by 360% with sales volume of 52.30 TMT as compared to 14.53 TMT in 2007-08.
  3. MRPL Shell Aviation Fuel Services Pvt. Limited (a Joint Venture Company of MRPL and Shell Global) has made good progress in marketing ATF to domestic airlines at Bangalore and Hyderabad.

PHASE III: REFINERY PROJECT:
Financial Year 2009 has been a significant year for Phase III. A number of milestones have been crossed at a rapid phase.

  1. Environmental Clearance (EC) for the project was received on 03.04.2008 and the Consent for Establishment (CFE) was received on 08.08.2008.
  2. MRPL and ONGC board also approved the revised unit configuration, unit capacities and has revised project cost of Rs. 12,412 Crore (Based on March 08 outlook and on conventional mode of execution).
  3. The MRPL and ONGC boards accordingly approved the effective start date of the project as 08.08.2008 and also the mechanical completion date as October 2011.
  4. The land required for execution of major units after evacuation of project affected people has been made available and site grading work accordingly is likely to be completed before the on set of the monsoon.
  5. An hybrid mode of execution of the project has been adopted (viz. LSTK, OBE / EPCM) to compress the completion time of the project.
  6. The project has achieved the physical progress as on date 13.40 % as against the planned progress of 13.30%.
  7. The order for long lead critical items require for CHT, DCU and CDU / VDU units have been finalized.
  8. Orders to the extent of Rs. 6043 Crore for all major units including CPP except CHT & CDU, which works out to approximate 49% of the approved project cost have already been placed.

OTHERS:
GOHDS Revamp:

The GOHDS revamp project was initially scheduled to be completed by Aug 2010, the same has been re-scheduled for completion by March 2010 to meet the increased fuel quality requirement by March 2010. EPCM contractor has been appointed and all critical equipment has been ordered and will reach the site to facilitate to complete the revamp on scheduled target of March 2010.

SPM Implementation:

MRPL is proposing to construct a single point mooring facility (SPM) off New Mangalore Port Trust towards which a DFR is being prepared. The oceanographic survey, Geotechnical survey, Topographic survey and EIA/EMP study are in progress. The DFR is expected to be completed in July 09.

CORPORATE SOCIAL RESPONSIBILITY:

The company is a socially conscious corporate continues its 'Samrakshan', programme through multifarious contributions like providing electricity for drawing water at rehabilitation colony for drinking water, donation of medical equipment to hospitals, construction of anganwadi building, donating scientific teaching aids, scholarships to deserving students, providing infrastructure facility to schools, women's help programmes, providing generators to hospitals, development of parks in the city etc.

Speaking on the occasion Shri R.S.Sharma, Chairman complimented the Team MRPL for the excellent physical and financial performance during the quarter / year and thanked all the stakeholders for their unstinted support and confidence in MRPL.

Post Board Meeting, Shri R S Sharma, Chairman, addressed a Press Conference attended by around 70 petroleum correspondents from top national media.