Mangalore Refinery and Petrochemicals Ltd. shares plunged over 8% during early trade on Monday after it swung into a net loss in the first quarter of this financial year.
The company posted a standalone loss of Rs 271.97 crore in the quarter ended June, compared to a profit of Rs 363.4 crore in the previous quarter. It had reported a profit of Rs 65.57 crore in the year-ago period.
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The results came after market hours on Friday.
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Revenue from operations fell 29% to Rs 17,356 crore. Operating income, denoted under earnings before interest, tax, depreciation and amortisation, sank 84% to Rs 180 crore. Margin contracted to 1% from 4.6% in the March quarter.
The first quarter earnings were impacted due to a longer-than-planned shutdown at the phase-II refinery (6-7 Million Tonnes Per Annum capacity, which produces high-value products) in May and June. Exports, which contribute 23% of revenue, also declined as a result of lower plant utilisation and the non-availability of the feedstock.
MRPL is majority owned by Oil and Natural Gas Corp.
Mangalore Refinery Stock Movement
MRPL share price declined over 8% intraday to Rs 136.77 apiece.
MRPL share price declined over 8% intraday to Rs 136.77 apiece. The benchmark NSE Nifty 50 was down 0.25%.
The stock has risen 35% in the last 12 months and 6% on a year-to-date basis. The total traded volume so far in the day stood at 6.1 times its 30-day average. The relative strength index was at 44.
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