MRPL posts a net loss mainly due to the rupee devaluation

NEW DELHI: Mangalore Refinery & Petrochemicals Ltd, a subsidiary of state-run ONGC, has posted a net loss of Rs 454 crore in the first quarter of current financial year because of higher depreciation, interest cost and steep depreciation of the rupee.

MRPL Chairman Sudhir Vasudeva "expressed concern over the current position and urged all the employees to rise above the tide to achieve turnaround like achieved a decade back," the company said in a statement.

The value of the rupee against the dollar in the quarter depreciated from Rs 54.31 per dollar to 59.40, resulting in exchange loss of Rs 517 crore, it said.

"The above loss is after considering Rs 169 crore as depreciation, Rs 78 crore as interest cost and Rs 27 crore as interest income," it added.

"The company recorded positive gross refinery margin (GRM) of $2.94 per barrel even in the current volatile market situation and continued rupee depreciation," an ONGC official said.