The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary Company of ONGC, and a category I Mini Ratna, approved its un-audited results for the Third Quarter of FY 2011-12.
The Company achieved higher turnover of `13,658 Crore during Q3 of 2011-12 and recorded a GRM of 3.77 $/BBL in Q3 2011-12. The Company’s earnings have been good considering the extraordinary challenges of price volatility, demand reduction and rupee depreciation. The Company continues to have the highest domestic credit rating of AAA from ICRA and CRISIL.
PHYSICAL AND FINANCIAL PERFORMANCE:
| PERFORMANCE of Q3: | ||||
| Particulars | Q2 | Variation | FY 2010-11 | |
| 2011-12 | 2010-11 | |||
| Turnover(` In Crore) | 13,658 | 11,712 | 17% | 43,800 |
| Exports Turnover(` In Crore) | 5943 | 4046 | 47% | 14,604 |
| PBDIT | 321 | 591 | -46% | 2,233 |
| PBT (` In Crore) | 162 | 468 | -65% | 1,737 |
| PAT (` In Crore) | 110 | 314 | -65% | 1,177 |
| GRM (US$ / BBL) | 3.77 | 6.00 | -37% | 5.96 |
| Throughput (MMT) | 3.04 | 3.49 | -13% | 12.64 |
| GRM Variance Analysis | ||||
| Q3 2011-12 | Q3 2010-11 | |||
| Operating Margin (` In Crore) | 164 | 218 | ||
| Net Exchange Gain/(Loss) (` In Crore) | (440)* | 8* | ||
| Inventory Gain/(Loss) (` In Crore) | 728 | 474 | ||
| *Closing Exchange Rate ($) | 53.62 | 45.28 | ||
The Company recorded highest ever turnover of ` 40,601 Crore in the nine month period ended 31st December 2011 and the thruput was also higher at 9.41 MMT during the same period .The Profit after Tax was ` 307 Crore (` 624 Crore) after considering depreciation of ` 309 Crore (` 297 Crore) and interest cost of ` 169 Crore (` 78 Crore). [Figure in bracket indicates corresponding nine month figure].
PHASE III: REFINERY EXPANSION AND MODERNISAION:
a. The Refinery Expansion and modernization project has achieved an overall physical progress of 91.50% as on 15th January 2012.
b. The Poly Propylene unit is also progressing well with physical progress reaching 74.3% as on 15th January, 2012.
c. All efforts are being taken to commission 3MMTPA CDU/VDU & DHDT which has been declared mechanically complete and the related utilities by March, 2012.
d. The Single Point Mooring System to bring Crude in VLCC tankers is targeted to be commissioned as per schedule in May 2012.
e. The Company has funded the expansion project from internal resources to the extent of ` 7,000 crore and has drawn loan from OIDB to the extent of ` 265 crore and ` 1,000 crore from Parent company ONGC as on 31st December 2011.
OTHERS:
The Company during the quarter has successfully completed the revamp of CDU/VDU I and Hydrocracker I Units within the scheduled time and has been taken on line for operation.
The Company is continuing to get supply of Iran Crude and as of now there are no payment related issues.
The Company has once again achieved the “Excellent” target (composite score 1.098) against the MOU target set with Govt. of India for the year 2010-11.
The Company has exceeded its earlier performance in Safety of Refinery operation without reportable loss time accident by achieving 1642 days as on 31st December 2011.
The company in the continuing scenario of under recovery in the Auto Fuel market due to price controls is awaiting in the side line with full readiness for development in the shortest time. As such the company presence in this Market segment continue to be miniscule.
Financial Performance of the Joint Venture Shell MRPL Aviation combine, has been “Excellent”. The JV has increased its throughput and profit during the nine month ended 31.12.2011.
CORPORATE SOCIAL RESPONSIBILITY:
The company as socially conscious corporate continues its Samrakshan Programme. The company in its endeavor to impart education to needy person has contributed towards building class rooms and other required infrastructure for local schools. It also contributes for promoting the local/ traditional culture of Karnatka and encourages development in the field of sports by sponsoring the needy and promising sports persons. The company continues it activity of rendering medical assistance to needy by conducting an artificial limb camp. The Company has plans to increase the outlay in furtherance of these activities and further develop the corporate usage.
Speaking on the occasion Shri Sudhir Vasudeva, Chairman whole heartedly appreciated efforts of the Team MRPL for a strong positive overall performance during the quarter.