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Motilal Oswal Report
Mangalore Refinery and Petrochemicals Ltd. reported lower-than-expected core gross refining margin (GRM) and refining throughput, along with higher opex, led to a huge miss on Ebitda during the quarter.
MRPL's GRMs are struggling from the last couple of quarters and have not been good on a sustainable basis, at times impacted by water woes and at times by technical issues.
Various refineries saw a drop in utilization from July as demand for petroleum products fell on the back of extended/further imposition of lockdown.
Factoring the same, along with a huge miss in Q1 FY21, we build-in refinery throughput at 12.8 million metric tonne (mmt)/16.0mmt (earlier 15.1mmt/16.5mmt) for FY21/FY22.
Crude throughput was down 28% YoY / 52% QoQ to 1.85mmt (8% below estimate), implying 49% utilization for the quarter.
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