The company narrowed loss to Rs86cr in Q1FY22 compared to a loss of Rs524cr in Q1FY21. Loss before Tax was at Rs133cr in Q1FY22 compared to Rs804cr in Q1FY21. GRM of 4.50 $/bbl in Q1FY22 compared to Negative GRM of 1.49 $/bbl in Q1FY21.
“MRPL declared Net loss of Rs86cr and Average Gross Refining Margin (GRM) of 4.50 $/bbl. The crude throughput has been adversely impacted during the current quarter on account of reduction in demand arising out of the COVID 19 situation however the reduction in demand was relatively lower as compared to that of the corresponding quarter of previous year.
Management has assessed the potential impact of COVID 19 based on the current circumstances and expects no significant impact on the continuity of operations of the business on long term basis/ on useful life of the assets/ on long term financial position etc. though there may be lower revenues and refinery throughput in the near future,” company said in a filing on Thursday.
The company also updated that upon receipt of order on April 16, 2021 from National Company Law Tribunal (NCLT), Bengaluru Bench approving consolidation of share capital by increasing face value from Rs10 per share to Rs10,000 per share and subsequent compliances, ONGC Mangalore Petrochemicals Limited had become a wholly owned subsidiary of the company w.e.f. May 19, 2021.
Meanwhile, MRPL Board after a meeting on Thursday approved raising funds upto Rs5,000cr rhrough issue of Nonconvertible Debentures (NCDs). It also approved enhancement of Borrowing powers from Rs25,000cr to Rs33,500cr.
Mangalore Refinery And Petrochemicals Ltd ended at Rs44.65 per piece down by Rs1.05 or 2.3% from its previous closing of Rs45.70 per piece on the BSE.