Mangalore Refinery and Petrochemicals Ltd (MRPL) today reported a 71 per cent jump in its third quarter net profit at Rs 970 crore on the back of higher refining margins.
Its net profit stood at Rs 567 crore in the same period of the previous fiscal, the company said in a statement.
MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), earned USD 9.27 on turning every barrel of crude oil into fuel in the third quarter of 2017-18 fisal as compared to a gross refining margin of USD 7.43 per barrel in the year-ago period.
Turnover was up 10.6 per cent to Rs 17,417 crore in the quarter as throughput went up from 4.35 million tonnes in Q3 of 2016-17 to 4.49 million tonnes.
In the first nine months of the current fiscal, net profit was lower at Rs 1,682 crore as compared to Rs 1,701 crore in the same period a year ago.
MRPL operates a 15 million tonnes a year refinery at Mangalore in Karnataka.
