January 16, 2008

Mangalore Refinery & Petrochemicals Ltd, an ONGC Group Company and a mini ratna I, continues its upswing in performance by notching a net profit of Rs 347 crore, 194% above the corresponding previous quarter (Rs 118 crore) in 2006-07

The net profit for the quarter is after providing for interest and finance charges of Rs.36 crore (Rs.51 core), depreciation of Rs.95 crore (Rs.89 crore) and tax provision of Rs.101 crore (Rs. 99 crore). The turnover was 11% higher at Rs.9, 324 crore (Rs.8, 403 crore)
Throughput during the quarter was 10% lower at 3.02 MMT (3.36 MMT) due to turnaround of some of the secondary processing units taken in November – December 2007. The turnaround was completed safely within 25 days, 5 days ahead of schedule, with meticulous planning

The Performance of the Company during the nine months period ended 31st December 2007 is equally impressive. The gross turnover was Rs.26,671 crore, up 8% (Rs.24,586 crore) and throughput 9.40 MMT up 1% (9.31 MMT). The net profit during the nine-month period ended 31st December 2007 was Rs.1,047 crore up 204% (Rs.344 Crore).

MRPL's performance on Energy Conservation continues to be excellent. The government of Karnataka, Department of Energy and Karnataka Renewable Energy Development Limited, has awarded `Certificate of Merit' for energy conservation for the year 2006-07 in refinery sector.

MRPL launched its first Retail Outlet HiQ, satnding for highest quality fuels and services at Maddur (near Mysore), Karnataka on 12th January 2008. Two more outlets in Hubli and Mangalore are scheduled to be commissioned by March 2008. The work for the remaining Retail Outlets in Karnataka, Andhra Pradesh and Tamil Nadu is at an advanced stage.
The Company has received permission from Airports Authority of India for supplying ATF to the aircrafts, through mobile fuellers at Mangalore Airport.

The Licensors for 4 major units in respect of the Refinery Upgradation and Expansion Project (Phase III) at Mangalore have already been selected and design work has already started. SIA (Secretariat for Industrial Approvals - Govt. of India) clearance has also been received. EPC tender for CDU/ VDU and Captive Power Plant units is under finalization

The Licensor's selection for the Aromatics Complex being set up by ONGC Mangalore Petrochemicals Ltd (OMPL), has been completed and design work had already commenced.
In addition, process packages are under preparation for the low cost revamp of the existing crude distillation unit and Gas Oil Desulphurisation unit (GOHDS).

As a socially conscious corporate, MRPL effectively steers `Samrakshan' its CSR programme to continually contribute meaningfully to the community. In the last quarter alone two dialysis machines, a Laser Treatment unit for curing Diabetic retinopathy to Government Wenlock Hospital, Mangalore, were donated and an highly beneficial artificial limb camp was held at Mangalore, in partnership with the famous Jaipur foot manufacturers. Besides eye camps were held and medical equipment was provided to the Maternity Theatre of Lady Goshen Hospital, Mangalore.

Environment Management:
The company has identified a few Energy Conservation Schemes as part of Clean Development Mechanism (CDM), under Kyoto Protocol. The public hearing in respect of projects identified has been completed and the schemes will be presented to international agencies for final acceptance.

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

The Board of MRPL in its meeting held on 16th January 2008 at New Delhi has approved the Financial Results for the third quarter (October - December) of FY 2007-08

Lekshmi M Kumaran

Issued by Corporate Communications