MRPL (Mangalore Refinery & Petrochemicals Ltd), an Indian petrochemicals manufacturer has reported its financial results for the period ended March 31, 2021.
Q4 Results
For the quarter, the company has posted a net profit of Rs 271.86 crores ($37.3 million) against a net loss of Rs 1889.1 crores ($258.9 million) during the prior-year quarter.
Net sales grew by 20.5% to Rs 20,853.09 crores ($2.86 billion) for the quarter ended March 31, 2020 as compared to Rs 17,300.28 crores ($2.37 billion) during the prior-year quarter.
Full-Year Results
The company reported a net loss of Rs 567.52 crores ($77.8 million) for the full-year period ended March 31, 2021 as against net loss of Rs 3354.63 crores ($459.8 million) for the full-year period ended March 31, 2020.
The company has reported net sales of Rs 50,992.1 crores ($6.99 billion) during the full-year period ended March 31, 2021, a 15% decline as compared to Rs 60,062.02 crores ($8.23 billion) during the full-year period ended March 31, 2020.
“The outbreak of Covid-19 pandemic globally and resultant lockdown in many countries has impacted the business of the company. Consequently, lower demand for crude oil, petroleum and petrochemical products has impacted the prices and refining margin globally during the part of the year which has resulted in reduction in sales for the Company. The capacity utilisation gradually improved subsequently.
Management has assessed the potential impact of Covid-19 based on the current circumstances and expects no significant impact on the continuity of operations of the business on long term basis/ on useful life of the assets/ on long term financial position etc. though there may be lower revenues and refinery throughput in the near future,” company said.