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Motilal Oswal Report
Mangalore Refinery and Petrochemicals Ltd.'s missed our Ebitda and profit after tax estimates due to lower-than-estimated reported gross refinery margin of $5/barrel in Q3 FY24. Refining throughput was in line with our estimate at 4.4 million metric ton.
Phase three units and Hydrocracker Unit one safely restarted during the quarter post mandatory maintenance shutdown for 45 days in Q2 FY24. Opex also moderated during the quarter after being adversely impacted in Q2 because of the shutdown and reduced throughput.
MRPL clocked its highest ever monthly gross crude input of 1558 thousand metric tonne/month in December 2023.
During the quarter, MRPL also procured and processed 20 tmt of high sulphur fuel oil for the first time.
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