MRPL Q2FY23 net loss widens sharply to Rs-1,779 crore on doubling of crude input costs and lower GRMs

29 Oct 2022 , 10:43 AM

MRPL Ltd reported 85% growth in total revenues for the September 2022 quarter on consolidated basis at Rs24,608cr.

Revenues fell by -23.8% in sequential terms. There has also been an impact on profits of the special additional export duty (SAED) imposed by the government.

While the inventory turnover ratio improved in the quarter, there was a marginal fall in the debtors turnover ratio. Top line was higher due to higher crude prices on a yoy basis.

Due to the negative operating profits on account of weak GRMs and high crude input costs, both the interest coverage and debt service coverage are negative on Q2FY23.

Consolidated net loss for September 2022 quarter widened from Rs410 crore to Rs1,779 crore on a yoy basis.

This was largely on account of weak GRMs and due to a sharp spike in the crude oil costs. In the quarter, the company also reported exchange losses of Rs462 crore, while the SAED and infrastructure cess put pressure of Rs2,000 crore on profits.

Operating margins and net margins were not really comparable due to huge losses. However net cash from operations improved sharply in the first half of FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	MRPL
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 24,608.02	₹ 13,304.39	84.96%	₹ 32,289.73	-23.79%
Net Profit (Rs cr)	₹ -1,779.26	₹ -410.15	N.A.	₹ 2,716.26	N.A.
Diluted EPS (Rs)	₹ -10.15	₹ -2.34		₹ 15.50
Net Margins	-7.23%	-3.08%		8.41%