The gross profits from operations stood at Rs 29,788 crore in fourth quarter of the fiscal 2020-21Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC) reported a net profit of Rs 328 crore in the January-March quarter of the fiscal year 2020-21.
According to a regulative filing by the public-sector company to the stock exchanges, Mangalore Refinery and Petrochemicals reported a loss of Rs 1,629 crore in the matching period of the previous fiscal.The gross earnings from operations stood at Rs 29,788 crore in the 4th quarter of the 2020-21, compared to Rs 17,545 crore in the same quarter in the previous fiscal.
The exports, including high sea-sales and considered exports for the March quarter stood at Rs 3,903 crore.Mangalore Refinery and Petrochemicals mentioned that the break out of the COVID-19 pandemic and subsequent lockdown in many countries affected its service.
Due to this, the company faced effects such as lower demand for crude oil, petroleum in addition to petrochemical products.
This impacted the costs along with refining margins.
Mangalore Refinery included that despite the fact that it resulted in declining sales but the capability utilisation gradually improved subsequently.
Furthermore, the domestic sales of petroleum items will be checked out by participating in contracts with the oil marking firms.
In order to capture the retail margins, Mangalore Refinery is setting up its own retail outlets, which is being expedited.On Tuesday, shares of Mangalore Refinery and Petrochemicals Limited settled 8.74 per cent greater at Rs 52.90 on the BSE.
Mangalore Refinery and Petrochemicals opened on the BSE at Rs 54, signing up an intra high of Rs 55.20 and an intra day low of Rs 51.50, throughout the session on Tuesday.