Steep fall in crude prices hits MRPLs GRM to touch $0.34/bbl
Board of directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC on Thursday approved its unaudited financial results for second quarter of this fiscal.
MRPLs operating GRM of US $5.34 was impacted by inventory loss due to steep fall in crude prices and products resulting in GRM of US $0.34/bbl during the second quarter. GRM of US $0.34/bbl in Q2 FY 15-16 is against negative GRM of US $4.04/bbl in Q2 FY-14-15.
Earnings Before Interest, Taxes, Depreciation and Amortization was severely dented due to depreciation of rupee against US dollar during the quarter by 3.05% resulting in net loss (profit after tax) of Rs 910 crore during second quarter. Quarterly throughput was 3.46 MMT for Q2 of FY 2015-16 against 3.47MMT in Q2 FY 14-15. Throughput has been lower than immediate previous quarter due to planned shutdowns of primary and secondary units of phase II refinery.
