MRPL Faces Profit Plunge Amid Slumping Refining Margins

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a 68% decline in net profit for the March quarter of FY2024-25 due to decreased refining margins and reduced oil prices. Despite record crude oil processing, the firm's overall fiscal performance reflects dropping revenues and refining margins.

Mangalore Refinery and Petrochemicals Ltd (MRPL) experienced a sharp 68% drop in net profit for the March quarter, a downturn attributed to falling refining margins.

Reporting Rs 363 crore in net profit, a stark contrast from the Rs 1,137 crore in the same period last year, MRPL highlighted the impact of reduced gross refining margins, which decreased from USD 11.35 per barrel to USD 6.23.

Lower oil prices also resulted in a revenue decline from Rs 29,190 crore to Rs 27,601 crore. Despite these challenges, MRPL set records in crude oil processing and jet fuel production while expanding its fuel outlet network.

(With inputs from agencies.)