MRPL posts Improved Physical Results in Q1'11, with positive Financials despite unusual heavy losses on account of Exchange Variation and Inventory valuation
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 2010-11.
|PHYSICAL AND FINANCIAL PERFORMANCE :|
|Turnover (In Crore)||8,990||7,182||25%||36,141|
|Exports (In Crore)||2459||1822||35%||11,083|
|PBIDT (In Crore)||137||756||82%||2,197|
|PBT (In Crore)||13||630||98%||1,692|
|PAT (In Crore)||28||420||93%||1,112|
|GRM Variance Analysis|
|Operating Margin (In Crore)||436||290|
|Net Exchange Gain/(Loss) (In Crore)||(153)||65|
|Inventory Gain/(Loss) (In Crore)||(89)||456|
PERFORMANCE IN THE Q1 :
MRPL posts 93% lower net profit due to Loss on account of Foreign Exchange Variation and Inventory losses.
Owing to reduction of Corporate Income Tax surcharge for financial year 2010-11 from 10% to 7.50% the cumulative deferred tax liability has become deferred tax asset to that extent, consequently the PAT is higher than PBT.
AWARDS, RECOGNITION AND ACHEIVEMENTS :
- MRPL secured the best export Award in overall Category â€œSILVERâ€ in the State level Export Excellence Award for the Year 2007-08 and 2008-09 from Govt. of Karnataka.
- ICRA has reaffirmed their Issuer rating of â€œIr AAAâ€ to MRPL for lowest credit risk. CRISIL issued rating of â€œCr AAAâ€ to MRPL indicating highest safety continues.
MARKETING INTITIATIVES :
- MRPL Board gives in principle approval for revival of its plan to set up Retail Outlets on Auto fuel in and around Karnataka.
- MRPL has signed 2 billion USD petroleum product supply agreement with STC Mauritius. The agreement is for supply of Liquid Petroleum products comprising Jet A1 (ATF) MoGas i.e. MS (95 RON), Gas Oil i.e. HSD and Furnace Oil (three grades) amounting to 1.1 MMT per year (Valuing approx. $ 660 million per year) for a period of 3 years.
PHASE III: REFINERY PROJECT :
MRPL Phase III Expansion project is progressing ahead of scheduled.
- The project has achieved the physical progress of 47.3 % as on 15th June 2010 against the scheduled plan progress of 39.6 % (Mechanical Completion Target Octâ€™ 2011).
- The orders for all major process plants and auxiliary equipments including off site facility have been placed .The commitment made against the project so far is ` 11,015 crore.
- In respect of Poly Propylene unit, the progress has been 18% as against stretched schedule progress of 26.5%. The project progress setback was mainly for non availability of encumbrance free land.
GOHDS REVAMP :
The GOHDS revamp project has since been completed as per schedule successfully.
The company with the completion of the revamp has increased the facility for production of Euro IV grade HSD from 4000 MT to 5200 MT per day.
SPM IMPLEMENTATION :
MRPL Board has cleared the project of installation of SPM at New Mangalore Port at an estimated cost of ` 1,044 crore with completion target of April 2012.
CORPORATE SOCIAL RESPONSIBILITY :
The company as a socially conscious corporate continues its â€˜Samrakshanâ€™, programme. The company during the quarter has conducted Eye camps in nearby villages and provided the necessary medical assistance including free computerized eye checkup and distributed spectacles. In addition, the activity of providing electricity for drawing water at rehabilitation colony for drinking water, donating scientific teaching aids, scholarships to deserving students and Midday meal scheme etc has been undertaken.
Speaking on the occasion Shri R.S.Sharma, Chairman appreciated efforts of the Team MRPL for a positive physical and financial performance during the quarter, despite adversities on account of foreign exchange variation and inventory values.