Mangalore Refinery & Petrochemicals Ltd (MRPL), an ONGC Group Company and a mini ratna I, continues to climb higher, redefining excellence.
At the close of the first quarter of FY 2009, ie from April to June 2008, Turnover touched Rs. 10,747 crore, 46% up as compared to Rs.7,376 crore for the corresponding previous quarter.
The Net Profit after tax for the quarter was Rs. 845 Crore (Rs.368 crore), after providing for interest and finance charges of Rs.36 crore (Rs.40 core), depreciation of Rs.95 crore (Rs.94 crore) and tax provision of Rs.474 crore (Rs.250 crore). The net Profit after tax during the quarter is higher mainly due to inventory gain of Rs.655 crore net of tax on account of increase in average crude oil price from approximately US$ 100/BBL in March 2008 to US$ 129/BBL in June 2008. Exports during the quarter was Rs.2,852 crore as compared to Rs.2,911 crore for the corresponding previous quarter.
Thruput during the quarter was 2.77 MMT as compared to 3.16 MMT for the corresponding previous quarter, mainly due to planned shut-down of phase II crude units of 6 MMTPA during April 2008 for about 10 days.
GRM during the quarter is US$ 18.03 per barrel of crude purchased as against US$ 8.27 per barrel during the corresponding previous quarter. The GRM during the quarter is higher mainly due to inventory gains of approximately US$ 11.27 per barrel as against US$ 1.85 per barrel in the corresponding previous quarter.
Besides notching up records in performance other highlights of Q1 are as follows :
The Company has received environmental clearance from the Ministry Environment and Forest for Phase III Refinery Project at Mangalore. The Karnataka Pollution Control board has also agreed to issue consent for establishment for the project. The Project will result in expansion of refining capacity from 9.69 MMTPA to 15 MMTPA, increasing the distillate yield by about 10% and capacity to process high tan and high sulphur crude oils. The land acquisition work is almost complete and relocation of project affected people is in progress. The contractors are already at site for commencement of site grading work. Selection of Licensors for Process Technology for all Licensed Units has already been completed and the Basic Engineering & Design work is under progress. The orders for Mounded Bullets & Crude Tanks were placed. Tendering Process for critical non licensed Units is also in progress.
The company is proceeding with low cost revamping of CDU & GOHDS at an approximate cost of Rs.260 crore. M/s. Udhe India Limited have been appointed as PMC and order for GOHDS reactor has been placed.
In view of the heavy under recoveries in marketing of Petrol & Diesel and the directive of Ministry of Petroleum & Natural Gas, the company has put on hold setting up of retail outlets excepting in the case of two outlets that are almost complete. The company has also virtually discontinued sale of Diesel to Bangalore Metropolitan Transport Corporation (BMTC), Karnataka State Road Transport Corporation (KSRTC), Indian Railways and other large customers as the government has not accepted the request of the company to issue Oil Bonds and Crude discounts from up streams companies for to compensate for the under recoveries in Diesel Sales.
MRPL Shell Aviation JV, formed for marketing for ATF is progressing well. The said JV has obtained orders from major domestic Air Carriers and International Air Carriers at Bangalore International Airport.
MRPL won runners up in Furnace/Boiler Insulation Effectiveness & Efficiency category of the Oil & Gas Conservation Awards for 2008 instituted by Centre for High Technology, Ministry of Petroleum & Natural Gas, Govt. of India.
In line with MRPL's commitment to the community, under "Samrakshan" the CSR initiative, the company donated a state of art Paediatric Endoscopic unit costing Rs.76 lacs to the Regional Advanced Pediatric Care Center, Wenlock District Hospital, Mangalore.
The first quarter results were approved by the Board of MRPL in its meeting held on 25th July 2008 at Mumbai.
Speaking on the occasion Shri R.S. Sharma, Chairman complimented Team MRPL for the excellent performance during the quarter and thanked all the stakeholders for their unstinted support and confidence in MRPL.
Issued by Corporate Communications MRPL
MRPL's CSR initiative Samarakshan is on the go. There is no facet of community welfare in Mangalore that is not touched by MRPL's Samrakshan. Education, Culture, Infrastructure, Health & Medical facilities.. you name it, we are there.
Shri R Rajamani, MD, MRPL greeting Shri Krishna Palemar, Hon'ble Minister for Port, Inland Water Transport. Ecology & Environment, District-in-charge, DK & Kodugu.
So much so that Shri Krishna Palemar, Hon'ble Minister for Port, Inland Water Transport. Ecology & Environment, District -in-charge, DK & Kodugu, described MRPL as the 'Kamadhenu' of Mangalore.
He was speaking at the function held at the newly built Paediatric Block (Regional Advanced Paediatric Care Centre (RAPCC)) of Wenlock Hospital where our MD Shri R Rajamani handed over "paediatric endoscopic" equipment worth Rs75 lakhs to the Hospital.
Dr Prabhudev, District Surgeon & Supdt, Wenlock Hospital, Mangalore, welcoming the gathering
Shri Palemar was full of praise for MRPL and for the captain of our ship, Shri R Rajamani, MD, and the Corporate's heightened Social Responsibility. He reminiscenced about the number of good initiatives that MRPL has undertaken for Mangalore especially Bala, Cheleiru etc..
Shri R Rajamani and Shri Krishna Palemar inaugurating the programme
Shri Yogesh Bhat, MLA, Mangalore South Constituency endorsed the minister's views and also put forth a CSR project that will leave MRPL"s stamp on the Mangala stadium.
Shri Maheshwar Rao spoke at length about Wenlock Hospital and the value of the equipment donated by MRPL. In the short meeting he had with Shri R Rajamani, just before the handing over function, Shri Rao had found light at the end of the tunnel that was the bottleneck for getting the newly built hospital going. "The ISO systems and the HR consultants suggested by MRPL's MD & GGM (HR) should help me to put in place a professionally managed and well maintained Hospital", he acknowledged gratefully.
Shri R Rajamani and Shri K Lakshminarayana handing over endoscpy unit to Shri Krishna J Palemar.
Shri Rajamani gracefully acknowledged the role of MRPL and recollected how MRPL had to reallocate budgets to provide the money for such a valuable facility for Mangalore, at the behest of DC, Mangalore. CSR, is the hallmark of a company's character, he said and Corporates need to participate in improving the welfare of the community and the country.
Shri R Rajamani addresing the gathering
The other dignitaries on the dais, Dr Prabhudev District Surgeon & Supdt, Wenlock Hospital, Mangalore, Dr Ganesh Pai, Paediatric Surgeon, Dr Shantaram Baliga, Paediatrician, Wenlock District Hospital, Mangalore and Shri Lakshminarayana, GGM (HR) also spoke and the function concluded with tea and snacks and smiles all around.
On last Saturday evening (19th July 2008) at 3.30 pm, Sarah Abubaker, Bhuvaneswari Hegde, Sabiha Bhoomigowda, Anandi Sadashiva Rao, B M Rohini, Parameshwari Lokeshwar, Judith Mascaranes, Manorama Bhat, and many more glittering stars of Kannada literature were assembled in a newly constructed hall for Karavalli Writers Association. From the garlands on the door to the decorated lamp, the air was full of good cheer and colour as these women, nay, ladies thanked MRPL wholeheartedly for the contribution to the growth of the 20 year old Women's Reading & Writing platform of Karavalli.
Shri Lakshminarayan, GGM(HR) inaugurated the building by lighting a lamp.
Shri Lakshminarayan, GGM(HR) alongwith Shri S K Kadri, former DGM(HR) who was the force behind this "Samrakshan" initiative inaugurated the building by lighting a lamp.
Smt Lekshmi M Kumaran, DGM(Corporate Communications), Shri M V Ramanan, Sr. Executive(Projects) and Smt Veena T Shetty, Sr. Executive(HR) were present on the occasion.