Q3 results: MRPL posts net profit of ₹392.08 crore, declares interim dividend

Mangalore Refinery and Petrochemicals Ltd (MRPL) on Monday reported a consolidated net profit of ₹392.08 crore for the third quarter (Q3) ended December 31, 2023, of fiscal year 2024 (FY24) as compared to a loss of ₹194.95 crore in the same period a year ago, the company said in an exchange filing. 

Its consolidated revenue from operations stood at ₹28,383.41 crore in the third quarter of FY24, down from ₹30,966.16 crore in the same period last fiscal year.

The company reported a consolidated total income of ₹28,422.99 crore in the December quarter of the current fiscal year as compared to ₹31,008.46 crore in the last fiscal year. 

Its total expenses came down to ₹27,831.84 crore in Q3 of FY24 from ₹31,314.45 crore a year ago.

MRPL said that there was a reduction of ₹3,238 crore in interest-bearing long-term borrowings during the first nine months of 2023-24. Interest-bearing long-term borrowings came down from ₹14,837 crore as on March 31, 2023, to ₹11,599 crore as on December 31, 2023.

It said that the debt-equity ratio of the company improved from 2.27 as of December 31, 2022, to 1.14 as of December 31, 2023.

For the nine months ended December 31, 2023, MRPL posted a net profit of ₹2,458.55 crore and revenue from operations at ₹76,059.73 crore.

MRPL said its Board of Directors have approved an interim dividend for the financial year 2023-24.

In the exchange filing, Mangalore Refinery and Petrochemicals said: “…the Board of Directors has declared an Interim dividend at the rate ₹1/- on fully paid up equity shares of ₹10/- each i.e. @ 10% for the Financial Year 2023-24.” 

The company has fixed February 02, 2024, as the record date to ascertain the eligibility of shareholders for payment of interim dividend.