Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a 15 per cent rise in its second quarter net profit as refinery margins soared.
MRPL had a net profit of Rs 478 crore in the July- September quarter as compared to Rs 416 crore in the same period a year ago, the company said in a statement here.
The firm, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), earned USD 8.05 on turning every barrel of crude oil at its 15 million tonnes a year refinery at Mangalore into fuel as compared to USD 4.65 per barrel gross refining margin last year.
The refinery processed 3.53 million tonnes of crude oil in the quarter, lower than 4.03 million tonnes in the second quarter of previous fiscal.
As a result, turnover was lower at Rs 12,414 crore as compared to Rs 13,988 crore. Read more
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