Mangalore Refinery Q4 Results: Net Profit Drops 68% On Lower Margins

Mangalore Refinery and Petrochemicals Ltd. on Saturday reported a 68% drop in its March quarter net profit on the back of a fall in refining margins. Net profit was Rs 363 crore in the January-March quarter compared with Rs 1,137 crore earnings in the same period a year back, the company said in a statement.

The firm, which is a subsidiary of state-owned Oil and Natural Gas Corp., earned $6.23 on turning every barrel of crude oil into fuel in the fourth quarter as compared to a gross refining margin of $11.35 per barrel a year back.

Revenue from operations dropped to Rs 27,601 crore from Rs 29,190 crore in January-March 2024 on lower oil prices.

For the full 2024-25 fiscal, MRPL reported a net profit of Rs 51 crore, down from Rs 3,596 crore in 2023-24. The firm had booked losses in the previous quarter of FY25.

It earned a gross refining margin of $4.45 per barrel in FY25, down from $10.36 per barrel in the previous fiscal.

MRPL said its refinery processed record crude oil at 18.044 million tonnes in FY25 (the previous best was 17.116 million tonnes in FY23).

Distillate yield too was the highest at 81.93% (78.77% in FY24). Also, the refinery produced the highest-ever jet fuel (ATF) of 2.72 million tonnes in the fiscal year (the previous best being 2.09 million tonnes in 2023-24).

During the year, 66 new petrol pumps were commissioned, taking the total to 167 outlets.