|Hot Pursuit||Thursday, May 24, 2012 10:02 Hrs IST|
MRPL surges as phase III expansion completed by 94.7%
The company announced the results after market hours on Wednesday, 23 May 2012.
Meanwhile, the BSE Sensex was up 46.43 points or 0.29% to 15,994.53.
On BSE, 52,000 shares were traded in the counter as against average daily volume of 88,936 shares in the past one quarter.
The stock hit a high of Rs 60 and a low of Rs 57.75 so far during the day. The stock had hit a 52-week high of Rs 84.75 on 26 July 2011. The stock had hit a 52-week low of Rs 50 on 29 December 2011.
The stock had underperformed the market over the past one month till 23 May 2012, falling 7.45% compared with the Sensex's 6.72% fall. The scrip has also underperformed the market in past one quarter, declining 16.14% as against Sensex's 11.78% decline.
The large-cap company has an equity capital of Rs 1752.60 crore. Face value per share is Rs 10.
Mangalore Refinery and Petrochemicals' (MRPL) net profit fell 22.8% to Rs 908.58 crore on 38% growth in net sales to Rs 53763.35 crore in the year ended 31 March 2012 (FY 2012) over the year ended 31 March 2011 (FY 2011).
During FY 2012, the revamp of CDU/VDU I and Hydrocracker I was successfully completed in record time, MRPL said. Revamp of HCU II completed in April-May 2012, the company added.
In view of the continued under recoveries in retail marketing of auto fuels, the company has continued with its insignificant performance, thereby, limiting the under recoveries, MRPL said. The Direct Marketing sales turnover covering Bitumen/CRMB, ATF, furnace oil, mixed xylene, naptha and sulphur amounted to Rs 2755 crore in FY 2012 as compared to Rs 2291 crore in FY 2011, thereby registering an increase of 20%, the company said. The company is in all readiness to take up within a short time the retail marketing if under recoveries are eliminated, MRPL said in a statement.
MRPL has commissioned the Primary Crude Processing Unit, Crude Distillation & Vacuum Distillation Unit along with required offsite facilities on 25 March 2012, the company said. The other units -- Diesel Hydrotreater and Hydrogen are under commissioning, the company added. The balance units are scheduled for commissioning progressively from June 2012 and last of the unit is expected to be completed by October 2012, the company said. The PPU unit is expected to be completed by December 2012, the company said. The SPM facility is scheduled to be commissioned by July 2012, MRPL said.
The first phase of Captive Power Plant being built by Bharat Heavy Electricals (Bhel), which was scheduled for commissioning in April 2011 has now projected to be commissioned by September 2012, a delay of 18 months. This has considerably affected the commissioning schedule of units, MRPL said.
FY 2012 was a significant year for Phase III expansion, MRPL said. In spite of sporadic adverse working conditions in and around the project site, the overall project progress is extremely good, the company said. The overall project progress as on 15 May 2012 was 94.7%.
MRPL's board of directors at a meeting held on Wednesday, 23 May 2012, recommended dividend of Re 1 per share for the year ended March 2012.
MRPL, located in Mangalore city, is a grassroot refinery and is a subsidiary of state-run ONGC. ONGC holds 71.63% stake in the firm.