Mangaluru: The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule “A” Mini Ratna Category I Company during its 257th Meeting held on July 28, 2023, approved its Standalone and Consolidated unaudited Financial Results for the First Quarter (Q1 FY 2023-24) ended June 30 2023.

Major Highlights for the First Quarter (Q1 FY 2023-24):
• Ever highest Refinery Net Throughput during first quarter: 4.36 MMT.
• Ever highest Capacity Utilization during first quarter: 116.26 per cent (installed capacity of 15.00 MMTPA).
• Highest ever MS (BSVI and Non BSVI) production per month at 229.9 TMT per month.
• Highest MS-VI Domestic Dispatch – 178 TMT, in the month of June- 2023.
• Retail expansion plan is put in place. As on June 30, 2023, 68 retail outlets have been commissioned.

Financial Highlights for the First Quarter Q1 FY 2023-24 (Q1 FY 2022-23):
• Gross revenue from operations Rs. 24,832 Crore (Q1 FY 2022-23 Rs. 35,915 Crore).
• Profit Before Tax Rs. 1,559 Crore (Q1 FY 2022-23 Profit before tax Rs. 4,153 Crore).
• Profit after Tax of Rs. 1,013 Crore (Q1 FY 2022-23 Profit after tax Rs. 2,707 Crore).
• GRM of 9.81 $/bbl (Q1 FY 2022-23 GRM of 24.45 $/bbl).
• Total reduction in interest-bearing Borrowings: Rs. 1,557 Crore (i.e. from Rs. 16,550 Crore as on March 31 2023 to Rs. 14,993 Crore as on June 30, 2023).

• Total reduction in interest bearing Borrowings: Rs. 3,538 Crore (i.e. from Rs. 18,531 Crore as on June 30 2022 to Rs. 14,993 Crore as on June 30, 2023).

 The Gross Revenue from operations and Profit for Q1 FY 2023-24 are lower than corresponding figures for Q1 FY 2022-23 as the product prices in Q1 FY 2023-24 were much lower than those for Q1 FY 2022-23.
Physical and Financial Performance: