After reporting a Rs 1,059-crore profit in Q2, MRPL's shares rise by about 3%.

 After reporting a Rs 1,059-crore profit in Q2, MRPL's shares rise by about 3%.

The state-owned petroleum refinery firm reported lower operating revenue for the quarter ending in September 2023—Rs 22,844 crore as opposed to Rs 28,453 crore in the previous fiscal year.

On November 1, the state-run petroleum refiner Mangalore Refinery as well as Petrochemicals (MRPL) released its second quarter financial results, which caused its shares to rise by more than 2.7 percent at the opening. The stock was up almost 2.5 percent from the closing on October 31 to Rs 106.30 at midday.

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In a regulatory statement, MRPL said that its operating revenue decreased to Rs 22,844 crore for the quarter that ended in September 2023 from Rs 28,453 crore in the preceding fiscal year.

Compared to a net loss of Rs 1,789 crore a year earlier, profit after tax for the September quarter was Rs 1,059 crore. Additionally, earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to Rs 2,213 crore from Rs 1,963 in the previous fiscal year, which was a negative amount.

'Neutral' is the rating that Motilal Oswal analysts given the stock. The study states that the refining throughput was 19% lower year over year at 3.2 million tonnes compared to predictions of 4.3 mmt. Because of higher-than-expected foreign exchange losses, the EBITDA and net profit were both below their forecasts of Rs 4,380,000 and Rs 2,890,000, respectively.