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MRPL in the red

Jul 1, 2000

MRPL has reported a growth in turnover of 25%. The through put though has declined from 406.1 m tonnes to 377.5 m tonnes. The reduction was a result of planned outages. MRPL's net operating income has been greatly hit and it has reported a net loss for the year 2000. This has been due to the increase in the international prices of crude, which have adversely hit gross refining margins.

(Rs m)FY1999FY2000Change
Sales 24,188 30,210 24.9%
Operating Profit (EBDIT) 4,930 800 -83.8%
Operating Profit Margin (%)20.4%2.6%
Interest 3,428 2,370 -30.9%
Depreciation 1,345 1,428 6.2%
Profit before Tax 157 (2,997)-2005.1%
Tax 16 - -100.0%
Profit after Tax/(Loss) 141 (2,997)-2226.9%
Net profit margin (%)0.6%-9.9%
Earnings per share*0.18-3.77
(annualised)

MRPL has increased its capacity from 3 to 9 m tonne per annum (MTPA) in FY00. It completed construction two months prior to the scheduled date. It has carried out trial runs and production should stabilise by the beginning of FY01. It plans to increase its capacity to 12 MTPA through debottlenecking. As per the latest reports MRPL plans to increase capacity further to 18 MTPA by setting up additional capacity of 6 MTPA.

MRPL is trading at Rs 10 a P/E multiple of 56 on FY99 earnings. With crude prices expected to remain firm in the first two quarters of FY01, MRPL's woes are expected to continue.

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