Mangalore Refinery and Petrochemicals Limited (MRPL) Conference Call Summary
Financial Performance
• Q4 Results:
• Gross Refining Margin (GRM): $11.35 per barrel (up from $5 in Q3)
• Profit Before Tax (PBT): INR 1,766 crores
• Profit After Tax (PAT): INR 1,137 crores
• Fiscal Year Results:
• PBT: INR 5,521 crores (30% increase)
• PAT: INR 3,596 crores (36% increase)
• Net Worth: INR 13,251 crores
• Debt-Equity Ratio: Improved from 1.70 to 0.94
Operational Highlights
• Throughput:
• Q4: 4.6 million metric tons (highest ever)
• Fiscal Year: 16.59 million metric tons
• Distillate Yield: 79.27% in Q4
• Accolades: Best Innovation in Refinery Award; first AS9100D certified refinery in India
Future Plans
• Investment: INR 8,000 crores over five years to enhance refining capabilities
• Sustainability Goal: Aim for net-zero emissions by 2038
• Dividends: First interim dividend of INR 1 per share; proposed final dividend of INR 2 per share
Strategic Initiatives
• Grid Power Import: Progressing well to enhance green credentials
• Capital Expenditure: INR 1,500 crores for FY24 on smaller projects; additional INR 2,000 crores for upcoming projects
• Retail Expansion: Targeting 1,000 outlets by 2026-27
Projects and Innovations
• Bio-Aviation Fuel (Bio-ATF): Capex of INR 350 crores; demo plant within refinery complex
• 2G Ethanol Project: Currently not viable
• Isobutylbenzene (IBB) Project: Pilot stage with planned capacity of 10,000 to 15,000 tons per year
Debt Management and Dividend Policy
• Debt Reduction: Debt-to-equity ratio below 1; plans to repay INR 1,174 crores in loans for FY 2024-2025
• Dividend Policy: Stable approach to avoid volatility; intentions to reward shareholders as cash flow improves
Conclusion
• Future Engagement: Management expressed gratitude and commitment to ongoing communication with stakeholders.