Mangalore Refinery and Petrochemicals Ltd reports a 42% jump in the Q4 profit

NEW DELHI: Mangalore Refinery and Petrochemicals Ltd ( MRPL) has reported a 42% jump in the fourth-quarter profit on account of write back related to payments to Iran for past crude purchases.

Profit rose to Rs 1,942 crore in the Jan-March quarter. Turnover rose to 18,100 crore from Rs 13,477 crore in the year-ago quarter. The company reported a gross refining margin of $8.25/barrel, compared to $8.24/barrel in the year-ago period.

The company reversed a provision of Rs 1597 crore that it had made in the past for payment to Iran, Chairman D K Sarraf said. It has now cleared all past dues of about $2.5 billion that had accumulated on account of crude purchases from Iran in sanction years. The company has also declared a dividend of Rs 6 per share.

MRPL plans to raise its refining capacity to 25 million tonnes per annum from the current 15 million tonnes. It has hired Engineers India Ltd to do feasibility study for the same.