MRPL reports expanding loss in Q2 at Rs 574 crore, GRM plummets

MRPL reports expanding loss in Q2 at Rs 574 crore, GRM plummets

Mangaluru (Karnataka) [India], Nov 5: ONGC subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) has reported a loss of Rs 574 crore in the second quarter of 2019-20 as against a loss of Rs 81 crore in the corresponding period of previous year.

Gross refining margin (GRM) — the difference between price of crude oil and end-products like petrol and diesel — dropped to 68 cents a barrel in Q2 FY20 compared to 4.41 dollars a barrel in Q2 FY19. The mini-ratna central public sector enterprise said that low GRM was due to shutdown of operations after a minor landslide in its premises following heavy rains in Dakshina Kannada district.

“Hence, as a precautionary measure, a structured shutdown of the phase three process units of the refinery was undertaken from August 18 to assess the condition of facilities in the vicinity and for immediate stabilisation. Phase three operations of the refinery resumed in a phased manner by September 17 after taking the necessary corrective action,” MRPL said in a statement.

Gross revenue from operations stood at Rs 15,262 crore during Q2 FY20 as against Rs 17,733 crore in Q2 FY19. Throughput at the refinery was at 3.68 million tonnes against 3.91 million tonnes last year. Going forward, the MRPL is setting up a seawater desalination plant with a target mechanical completion by October 2020.

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