MRPL completes phase III expansion and up gradation project

Chennai: 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 second quarter of Financial Year 2014-15. The Company recorded lower physical performance during the Q2 of FY14-15.

The company has posted loss mainly due to higher fuel consumption on account of stabilization of newly added units and also higher inventory loss. The Company posted a negative GRM of 4.04$/ bbl in Q2 FY 14-15 as against positive GRM of 5.04 $/bbl in Q2 FY-13-14.

Analysis of results Q2 FY 2014-15

The Company achieved a throughput of 3.47 MMT for the Q2 FY 2014-15 as against 3.69 MMT in Q2 FY 2013-14 (reduction of 6%). The decrease in throughput is mainly due to plant upsets while commissioning of new units, resulting in non availability of secondary processing units .

MRPL achieved a turnover of ` 16770 Crore (Exports ` 6079 Crore) for the Q2 FY 2014-15 as against `19554 Crore (Exports ` 10288 Crore) during the corresponding quarter of FY 2013-14 (decrease of 14%)

MRPL posted net loss after tax adjustments for Q2 FY 2014-15 of `951 Crore (after considering `112 Crore as depreciation, `112 Crore as Interest Cost, Net Foreign Exchange loss of `482 crore). The profit for the corresponding second quarter of 2013-14 was PAT of `236 Crore (after considering `176 Crore as depreciation, `93 crore as Interest Cost and Foreign Exchange loss of `249 crore).

Analysis of results H1 FY-2014-15

The Company has achieved a throughput of 6.67 MMT for half year ended 30th September, 2014 as against 6.96 MMT during earlier period of last year (reduction of 4%).

MRPL has achieved a turnover of ` 33423 Crore (Exports ` 11825 Crore) for the half year ended 30th September, 2014 as against `35688 Crore (Exports ` 17216 crore) (decrease of 6%)

MRPL has posted loss after tax of ` 988 Crore (after considering `207 Crore as depreciation, `165 Crore as Interest Cost, Net Foreign Exchange loss of ` 508 crore). The loss after tax for the corresponding half year of 2013-14 was ` 218 Crore (after considering `345 Crore as depreciation, `170 crore as Interest Cost and Foreign Exchange loss of ` 766 crore).

Marketing Initiatives:

The Company has retained its strong market presence in its Refinery zone for products (viz. Bitumen, CRMB) and has also been able to get a good market reach for Petcoke.

Phase III Refinery Project:

MRPL Phase III Expansion and up gradation project is complete with commissioning of Petrochemical Fluidized Catalytic Cracking unit (PFCCU). During the second quarter of 2014-15 the company commissioned PFCC unit, third train out of 3 trains of Sulphur Recovery Unit (SRU), DCU- coke handling system, Raw Water Treatment, LPG mounded Bullets and other related offsite facilities for functioning of the above. The Captive Power Plant is operating and is under stabilisation.

The physical progress of Polypropylene unit (PPU) is 97.00% and is expected to be mechanically completed during the third quarter of 2014-15.

Corporate Social Responsibility:

The Company, as a socially conscious corporate continues its ‘Samrakshan’ programme. The Company, during the quarter has committed its causes to Govt. of India by way of “Swachh Vidhyalay Abhiyan Programme” by rolling out the projects to built Toilet Blocks for 50 schools in current year at an estimated outlay cost of Rs.1.85 Crore.