MRPL Posts ₹2.72-Billion Loss In April-June As Revenue Slumps 25%

Mangalore Refinery and Petrochemicals Ltd. slipped into the red in the June quarter with a net loss of ₹2.72 billion, compared with a net profit of ₹655.7 million a year ago and ₹3.63 billion in the March quarter.

Revenue from operations—net of excise duty—fell 25.3% on year to ₹173.56 billion, and dropped 29.4% on quarter.

Total expenditure in April–June stood at ₹214.29 billion, lower than ₹272.34 billion a year earlier. However, finance cost rose to ₹2.57 billion from ₹2.14 billion. Other income declined to ₹380.3 million from ₹447.3 million.

MRPL recorded a tax write-back of ₹1.31 billion in the quarter, compared with a tax outgo of ₹350.6 million in the year-ago period.