MRPL Achieves Record Operational Performance in Q3 FY 2024-25 Amid Challenging Market Conditions

By News IP On Jan 20, 2025

The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC and a Schedule “A” Mini Ratna Category I Company, approved the standalone and consolidated financial results for the third quarter (Q3) and nine months (IXM) of FY 2024-25, during its 267th meeting held on January 20, 2025.

Operational Excellence

MRPL showcased exceptional operational performance in Q3 FY 2024-25, achieving multiple milestones:
•   Record Crude Processing:
•   Gross crude processing soared to an all-time high of 4,541.5 TMT, surpassing the previous best of 4,459.1 TMT in Q3 FY 2022-23.
•   Net crude processing also reached a new record of 4,601.0 TMT, outperforming the earlier high of 4,479.7 TMT.
•   Diversifying Crude Sources: For the first time, Venezuelan Merey-16 Crude (API-15.69) was successfully processed in November 2024, demonstrating the company’s adaptability and technical capabilities.
•   Product Output Records:
•   Aviation Turbine Fuel (ATF) production climbed to 763.1 TMT, breaking the previous record of 747.5 TMT achieved in Q2 FY 2024-25.
•   Benzene production set a new benchmark at 60.6 TMT, significantly exceeding the prior best of 49.7 TMT.

Financial Performance Highlights

Despite a challenging global environment, MRPL delivered robust operational results while maintaining a steady focus on growth and innovation.
•   Q3 FY 2024-25 Financials:
•   Revenue from operations stood at ₹25,601 crore, reflecting resilience amidst market volatility.
•   Gross Refining Margin (GRM) improved to US$ 6.21 per barrel, compared to US$ 5.00 per barrel in Q3 FY 2023-24, showcasing enhanced efficiency.
•   Profit After Tax (PAT) was reported at ₹304 crore, against ₹387 crore in the same period last year.
•   Nine-Month Financials (IXM FY 2024-25):
•   Revenue from operations rose to ₹81,676 crore, marking a notable increase from ₹76,033 crore in the previous year.
•   While the company faced a Loss Before Tax of ₹471 crore, it remains committed to navigating market challenges and optimizing operational efficiencies.

Exports and Consolidated Performance
• Exports, including high-sea sales and deemed exports, amounted to ₹8,114 crore in Q3 FY 2024-25.
• Consolidated Profit After Tax attributable to owners of the company stood at ₹309 crore, demonstrating MRPL’s ability to sustain value for stakeholders.

Commitment to Growth and Resilience

MRPL’s record-breaking operational performance, particularly in crude processing and product output, underscores its unwavering commitment to excellence and innovation. By successfully diversifying crude sources and optimizing production efficiency, the company has strengthened its position in the refining and petrochemical sector, despite facing headwinds in refining margins and global demand dynamics.

With a focus on long-term growth and value creation, MRPL continues to solidify its leadership in the industry, setting benchmarks in operational excellence while adapting to evolving market conditions.