Mangaluru: Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC, a Mini Ratna Company, recorded profit of Rs 720 crore after provision of tax in the 1st Quarter of FY 2016-17 as against Rs 405 crore during the corresponding previous quarter.  The results show an increase of over 77% when compared to last year. The Company has posted a Profit before Tax of Rs 1137 crore as against Rs 509 crore during the corresponding previous quarter.

The increased profit is on account of increased margins in the products coming out of the secondary units in Phase III and also from polypropylene unit.

The Company’s refining throughput stood at 3.66 MMT as against 3.89 MMT in the corresponding quarter of previous year. The Company’s refining through put during the quarter was lower compared to corresponding quarter of previous year on account of water stoppage from Sarapady river.

The Company has established its strong market presence through direct marketing of its products Petcoke, Sulphur and polypropylene.  MRPL is in the process of setting more retail outlets and at present it has arranged for a site at NMPT premises for setting up a retail outlet and company is in the process of obtaining statutory approvals. MRPL has also taken over the retail outlet of ONGC set up in Mangaluru near the refinery unit and has now become a part of MRPL retail outlet map.