MRPL posts Rs 272 cr Q1 loss amid revenue, margin slide

Mangaluru (Karnataka), Jul 19 (PTI) MRPL, a subsidiary of ONGC and a Schedule "A" Mini Ratna Category-I company, on Saturday reported a consolidated net loss of Rs 272 crore for the first quarter of FY 2025-26, compared to a profit of Rs 66 crore during the same period last year.

According to a statement from Mangalore Refinery and Petrochemicals Ltd, the company’s Board of Directors approved the Q1 financial results at its 270th meeting held on July 18.

The results reflect a decline in revenue from operations, which stood at Rs 20,988 crore in Q1 FY26, down from Rs 27,289 crore in Q1 FY25.

Gross Refining Margin (GRM), a key performance indicator for refineries, dropped to USD 3.88 per barrel from USD 4.70 per barrel year-on-year.

"The refinery processed 3.52 million metric tonnes (MMT) of crude and other feedstocks during the quarter, lower than 4.35 MMT in Q1 FY25. However, MRPL achieved a significant operational milestone by processing 1,512 TMT of crude oil in April 2025—its highest-ever for any April—surpassing the previous record of 1,481 TMT set in April 2022," the company said.

MRPL also completed the scheduled shutdown of major units in its phase-2 complex during this quarter.

Standalone EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) stood at Rs 218 crore, down from Rs 650 crore in the same quarter last year. Profit Before Tax was negative at Rs 403 crore, compared to a profit of Rs 101 crore in Q1 FY25.

MRPL’s consolidated loss after tax attributable to owners stood at Rs 271 crore, as against a profit of Rs 73 crore in the corresponding quarter of the previous year.

Despite the setback, the company stated that it maintains a strategic role in India’s energy sector and is expected to recover in the upcoming quarters with resumed operations and anticipated improvements in margins, it stated. PTI COR AMP SSK