The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC and a category I Mini Ratna, approved its un-audited results for the first quarter 2011-12.
|PERFORMANCE OF Q1:|
|Turnover (` In Crore)||14,539||8,999||62%|
|Exports (` In Crore)||5,335||2,459||117%|
|PBDIT (` In Crore)||359||137||162%|
|PBT (` In Crore)||237||13|
|PAT (` In Crore)||173||28|
|GRM (US$ / BBL)
(` In Crore)
|GRM Variance Analysis|
|Operating Margin (` In Crore)||471||441|
|Net Exchange Gain/(Loss) (` In Crore)||(83)||(153)|
|Inventory Gain/(Loss) (` In Crore)||(60)||(89)|
FINANCIAL PERFORMANCE IN THE Q1:
MRPL posts a commendable increase in 1st Quarter 2011-12 PAT at Rs 173 Crore (after considering Rs 95 Crore as depreciation, Rs 27 crore as interest Cost and Rs 133 Crore as Interest Income) as compared to Rs 28 Crore (after considering Rs 99 Crore as depreciation, Rs 25 crore as interest Cost and Rs 43 Crore as Interest Income) in the corresponding 1st Quarter of 2010-11.
The effort in resolving payment issue with Iran is under progress. We are confident that an all-acceptable solution will be found shortly.
AWARDS, RECOGNITION AND ACHEIVEMENTS:
The excellent standards maintained by the Refinery on the production, energy conservation, environment management and safety front, enabled us to bag several awards:
- MRPL has bagged the Petrofed 'Refinery of the Year' Award honoring performance in refining of petroleum in India during the year 2009-10. This recognizes leading Performance in production and operational efficiency in refining operations, while meeting the norms of health safety and environmental protection
- Oil Industry Safety directorate ranks MRPL as 1st in "Most consistent safety performer in Refineries" for the year 2009-10
- MRPL continues its miniscule existence in Retail Marketing of auto fuels, keeping in view the uncertainties in pricing and also the de-regulation of motor fuels.
- Company has retained its strong market presence in its refinery zone for products being marketed to direct customers.
PHASE III: REFINERY PROJECT:
MRPL Phase III Expansion project is progressing well. The overall project progress as on 15th July 2011 is 85.10%.
The Refinery is planning to take-up commissioning of its additional 3 MMTPA by Jan/Feb 2012 despite the recent blockage caused by displaced families of MSEZ Ltd.
OTHER MAJOR PROJECTS:
The revamp of CDU/VDU of 4.68 MMTPA capacity is progressing as per schedule and the plant will be taken for shut down during middle of September to October 2011 for 45 days.
The SPM implementation is on schedule and the progress is 25.20% as against schedule of 33.40% as on 15th July 2011 with completion target of May 2012. All clearance as required are in place.
CORPORATE SOCIAL RESPONSIBILITY:
The company as a socially conscious corporate continues its 'Samrakshan', programme. The company during the quarter has arranged construction of class rooms, school building, road development and others.
Speaking on the occasion Shri A.K. Hazarika, Chairman complimented the Team MRPL for the excellent physical and financial performance during the quarter and thanked all the stakeholders for their unstinted support and confidence in MRPL.