The Board of MRPL in its meeting held on 27th October 2008 at Delhi has approved the Financial Results for the Second quarter (July - September) of FY 2008-09.
2nd Quarter Performance :
Turnover during the quarter was Rs. 13,428 crore up 76% as compared to Rs. 7,616 crore during the corresponding previous quarter. The Net Profit after tax for the quarter was Rs.25 Crore (Rs.332 crore), after providing for interest and finance charges of Rs.38 crore (Rs.36 core), depreciation of Rs.96 crore (Rs.95 crore) and tax provision of Rs. 19 crore (Rs. 26 crore). The net Profit after tax during the quarter was lower mainly due to inventory loss of approximately Rs.646 crore (net of tax), on account of sharp reduction in crude oil and petroleum product prices from August 2008 onwards.
Export during the quarter was Rs. 4,039 crore as compared to Rs. 2,715 crore for the corresponding previous quarter.
Throughput during the quarter was 3.29 MMT as compared to 3.22 MMT for the corresponding previous quarter.
GRM during the quarter is US $ 2.34 per barrel of crude processed as against US$ 6.11 per barrel during the corresponding previous quarter.
AWARDS AND RECOGNITION :
MRPL has received "Oil & Gas Conservation Award, 2008" for "Furnance and Boiler insulation Effectiveness & Efficiency", instituted by CHT, MoP& NG, GOI (July 2008).
MRPL has won the "Energy Efficiency Unit" award in the "National Award for Excellence in Energy Management-2008" under Refinery Category, by confederation of Indian Industry (CII) (August 2008).
MARKETING :
In view of the heavy under recoveries in marketing of Petrol & Diesel and on the advice of Ministry of Petroleum & Natural Gas, the company has put on hold setting up of retail outlets excepting the two outlets where the construction is nearing completion, MRPL Shell Aviation JV, formed for marketing for ATF is progressing well. The JV started its first supply by Fuelling Aircraft of Lufthansa on 17th August 2008 at Bangalore International Airport.
Phase III: Refinery Project :
The Company has received the environmental clearance from Ministry Environment and Forest for Phase III Refinery Project. The Karnataka Pollution Control board has also issued consent for establishment for the project. The land acquisition work is almost complete and relocation of project-affected people is in final stages of completion. The contractors are already at site for site grading work. The Basic Engineering & Design package for all the four major units have been received from Technology Licensors and the Front End Engineering Design (FEED) by PMC (Engineers India Limited) is nearing completion. Tendering process for critical non-licensed units and captive power plant is at advanced stage.
The work on low cost revamping of CDU & GOHDS at an approximate cost of Rs. 260 crore is in progress. M/s. Uhde India Limited have been appointed as PMC and order for Long Lead items are being placed to expedite completion of revamp work.
Corporate Social Responsibility :
Maintaining its concern for Social responsibility, the company has donated a Pediatric Endoscopic unit to Regional Advanced Pediatric Care Center, Wenlock District Hospital, Mangalore costing Rs. 76 Lakhs and also donated computers, Printers and other furniture items costing around Rs. 24 Lakhs to schools neighboring the refinery. The company has also laid 50 mm thick black top roads in the nearby villages costing around Rs.56 Lakhs.
Speaking on the occasion Shri R.S.Sharma, Chairman complimented the Team MRPL for the excellent physical performance during the quarter and thanked all the stakeholders for their unstinted support and confidence in MRPL.