Mangalore Refinery And Petrochemicals Q2 Results Mangalore Refinery Faces ₹696.94 Crore Loss

Mangalore Refinery and Petrochemicals (MRPL) recently released its financial results for the second quarter (Q2) of 2024, showing a complex situation. The company reported a total revenue of ₹28,785.92 crore, which is an impressive increase of 26.01% compared to the same quarter last year when it earned ₹22,843.79 crore. However, despite this growth in revenue, MRPL faced a significant loss of ₹696.94 crore during Q2. This loss is a stark contrast to the profit of ₹1,051.68 crore the company achieved in the same period last year, highlighting the challenges it faced this year.

Mangalore Refinery and Petrochemicals’ operating income dropped drastically, showing a loss of ₹816.26 crore, down 401.89% from a profit of ₹270.38 crore in the previous quarter (Q1) and 144.31% compared to last year's profit of ₹1,842.25 crore. Selling, general, and administrative expenses increased slightly to ₹169.27 crore, reflecting a 5.99% rise year-over-year. The company's diluted normalized earnings per share (EPS) fell to ₹-3.98, which is a decrease of 166.33% from last year’s EPS of ₹6. 

Here's a summary of Mangalore Refinery & Petrochemicals' Q2 financial results for 2024, presented in simple English with a focus on key figures:

(Rs. in crores)

Source: Here 

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Mangalore Refinery And Petrochemicals Q2 Results

Mangalore Refinery And Petrochemicals’ Revenue from Operations earned 28,785.92 Crores in the recent quarter, which is higher than the 22,843.78 Crores from the same quarter last year. This increase indicates strong business performance. Other Income, which includes earnings outside the main operations, is 59.90 Crores for the quarter. When combined, the Total Income for the quarter is 28,845.82 Crores.

Mangalore Refinery And Petrochemicals’ Total Expenses amounted to 29,886.92 Crores in the recent quarter. The high costs are due to materials, employee salaries, and other operational expenses. This resulted in a Loss Before Tax of 1,041.10 Crores, which is a significant decline compared to profits in previous periods.

Mangalore Refinery And Petrochemicals Net Loss for the quarter is 682.32 Crores, indicating that the company faced challenges in managing its expenses compared to its earnings. The Earnings per Share (EPS) is negative, showing that shareholders did not receive profits during this time. 

Here is a simplified version of the standalone financial results for the quarter and half year ended September 30, 2024. 

The figures are presented in Crores, except for per-share data.

Mangalore Refinery And Petrochemicals Stock Metrics

Mangalore Refinery and Petrochemicals’ market capitalization is ₹29,011 crore, showing it has significant value in the stock market. The current stock price is ₹166, with a high of ₹289 and a low of ₹92.5 in recent trading. The company's Price-to-Earnings (P/E) ratio is 31.8, indicating investors are willing to pay more for each unit of profit. MRPL has a book value of ₹70.2 and offers a dividend yield of 1.81%, which means shareholders receive a small return on their investment. 

Here's the financial data you provided in a table format:

Quarterly Results 

The Mangalore Refinery And Petrochemicals table shows the financial performance for the quarters ending March 2024, June 2024, and September 2024. In March 2024, the company earned ₹25,329 Crores in sales, with expenses of ₹22,999 Crores, resulting in an operating profit of ₹2,330 Crores and a net profit of ₹1,138 Crores. By June 2024, sales decreased to ₹23,247 Crores, leading to a much lower operating profit of ₹606 Crores and a net profit of ₹73 Crores. 

Here’s the table for the quarters Mar 2024, Jun 2024, and Sep 2024 with particulars:

(Rs. in crores, except the shares)

About Mangalore Refinery And Petrochemicals

Mangalore Refinery and Petrochemicals is an important oil company in India. It is located in Karnataka, near the city of Mangaluru, in a beautiful hilly area. The refinery can process 15 million metric tons of crude oil each year, making a wide range of products like petrol, diesel, aviation fuel, and more. MRPL also has a special unit that produces polypropylene, which is used in many plastic products. 

Mangalore Refinery and Petrochemicals operates a complex that makes aromatic chemicals, such as para xylene and benzene. MRPL has good infrastructure, including jetties for loading oil and marketing depots in different states. A joint venture with Shell Gas B.V. helps them supply aviation fuel to many airports in India. Established in 1988 and later acquired by ONGC in 2003, MRPL has grown significantly and plays a vital role in India's oil and petrochemical industry.