|MRPL records 57% increase in PAT in Q2’ 11 Results compared to Q2 of 2009-10|
26 October, 2010
The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC, and a category I Mini Ratna, approved its un-audited results for the Second Quarter 2010-11.
The company completed its turnaround Maintenance of its 7.14 MMTPA Crude/ Vacuum Distillates Unit successfully in 24 days. Despite 10% lower throughput due to this planned shut down, the company recorded a 7% increase in turnover, and a very impressive 57% increase in Profit After Tax.
PHYSICAL AND FINANCIAL PERFORMANCE:
PHASE III: REFINERY EXPANSION AND MODERNISAION:
a. Rs13,964 Crore Expansion project is progressing a head of schedule. The project has achieved the physical progress of 62.80% as on 15th October 2010 against the scheduled plan progress of 57.00 % (Mechanical Completion Target Oct’ 2011).
b. In respect of Poly Propylene unit, the physical progress has been 28.50% and is targeted to be complete as per schedule by April 2012.
c. The orders for all major process plants and auxiliary equipments including off site facility have been placed .The commitment made against the project so far is Rs11,015 crore.
MRPL Board as well as ONGC Board has cleared the project of installation of Single Point Mooring (SPM) at New Mangalore Port at an estimated cost of Rs1,044 crore with completion target of May 2012.
The company has successfully rolled out SAP as its Enterprise Resource Planning solution, covering all areas of its operation viz. Finance, Materials, Maintenance, Projects, Marketing, Production Environment and Quality assurance. The go-live was achieved on 15/10/2010.
CORPORATE SOCIAL RESPONSIBILITY:
The company as a socially conscious corporate continues its ‘Samrakshan’, programme. The company during the quarter has extended necessary medical assistance in near by villages. In addition, the activity of providing electricity for drawing water at rehabilitation colony for drinking water, donating scientific teaching aids, scholarships to deserving students etc has been undertaken.
Speaking on the occasion Shri R.S.Sharma, Chairman whole heartedly appreciated efforts of the Team MRPL for a strong positive overall performance during the quarter, despite turnaround maintenance of major Crude Distillation Unit.