Mangalore Refinery and Petrochemicals Ltd (MRPL) net profit zoomed to `2,707 crore in the first quarter of the current fiscal on the back of record refining margins.
Net profit of `2,707 crore in April-June compared with a loss of `230 crore in the same period a year back, the company said in a statement.
The company, which is a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), earned USD 24.45 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin of USD 4.94 per barrel in the year-ago period.
With international oil prices surging,PL's turnover more than doubled to `35,915 crore from `15,069 crore in April-June 2021.
PL said it recorded the highest ever Q1 net throughput of 4.29 million tonnes with a capacity utilisation of 114.34 per cent.
The previous best of 3.98 million tonnes (capacity utilisation of 106.13 per cent) was achieved in Q1 of the 2017-18 fiscal. The refinery also achieved the highest-ever diesel dispatch of 737,000 tonnes in May.