MRPL Q4 net profit slumps 40%, company declares dividend of ₹2
Mangalore Refinery and Petrochemicals Ltd (MRPL) on Friday (May 3) reported a 40.5% year-on-year (YoY) decline in net profit at ₹1,138.5 crore for the fourth quarter that ended March 31, 2024.
In the corresponding quarter, Mangalore Refinery and Petrochemicals posted a net profit of ₹1,913.4 crore, the company said in a regulatory filing. The company’s revenue from operations declined 0.1% to ₹25,328.7 crore against ₹25,365.4 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA tanked 33.3% to ₹2,329.7 crore in the fourth quarter of this fiscal over ₹3,490.2 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 9.2% in the reporting quarter compared to 13.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
For the financial year 2023-24, MRPL reported revenue from operations of ₹1,05,223 crore, marking a decline from the previous fiscal year’s figure of ₹1,24,736 crore.
The profit before tax surged to ₹5,521 crore, compared to ₹4,239 crore in the preceding fiscal year. Similarly, the profit after tax witnessed a notable increase, reaching ₹3,596 crore, as opposed to ₹2,638 crore reported in FY2022-23.
Moreover, MRPL achieved a Gross Refining Margin (GRM) of $10.36 per barrel, reflecting an enhancement from the GRM of $9.88 per barrel recorded in the previous fiscal year.
Additionally, the company successfully reduced its interest-bearing Long Term Borrowings by ₹5,058 crore, decreasing from ₹14,837 crore as of March 31, 2023, to ₹9,779 crore as of March 31, 2024.
One of the noteworthy achievements for MRPL was the improvement in its Debt Equity Ratio, which saw a significant decrease from 1.70 as of March 31, 2023, to 0.94 as of March 31, 2024.
The board of directors has recommended a final dividend of ₹2 per equity share of ₹10 each fully paid up i.e. @20% for the financial year 2023-24, subject to approval by the members of the company at the ensuing Annual
General Meeting.
The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of the final dividend will be fixed and intimated in due course.
The results came after the close of the market hours. Shares of Mangalore Refinery Petrochemicals Ltd ended at ₹251.40, down by ₹2.55, or 1%, on the BSE.
