MRPL net profit tanks 40.41% in Q4FY24 year-on-year, final dividend of Rs 2 declared

Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a 40.41 percent decline in net profit year-on-year for the fourth quarter of FY2023-24, with profits dropping to Rs 1,136.84 crore from Rs 1,907.98 crore in the same period of FY2022-23. However, on a quarter-on-quarter basis, the company witnessed a significant 193.71 percent increase in Profit after Tax (PAT), reaching Rs 387.06 crore in the December quarter of FY24.

For the entire financial year 2023-24, MRPL saw a notable 36.3 percent rise in net profit, climbing from Rs 2,638.39 crore in FY2022-23 to Rs 3,595.93 crore in FY2023-24.

MRPL’s revenue from operations dipped 0.71% in Q4 of FY24 y-o-y

MRPL's revenue from operations experienced a slight decline of 0.71 percent in the Q4 of FY2023-24, amounting to Rs 29,190.05 crore, compared to Rs 29,401.49 crore in Q4 of FY23. However, on a quarter-on-quarter basis, there was an uptick of nearly 3 percent, with revenue from operations reaching Rs 28,364.37 crore in the December quarter of FY2023-24.

At the operational level, EBITDA plummeted by 33.3 percent to Rs 2,329.7 crore in the March quarter of FY24, down from Rs 3,490.2 crore in the same period of FY23. The EBITDA margin for the quarter stood at 9.2 percent, compared to 13.8 percent in the corresponding period of FY23.

The Board of Directors has proposed a final dividend of Rs 2 per share (20 percent), amounting to Rs 350.52 crore, pending approval by the company's members. The final dividend will be disbursed within 30 days from the declaration date at the AGM. The record date for the final dividend payment will be determined and communicated in due course.