On November 1, Mangalore Refinery and Petrochemicals (MRPL) experienced a significant uptick of over 2.7 percent at the opening bell, following the announcement of its second-quarter financial results. By noon, the stock was trading at Rs 106.30, reflecting a substantial 2.5 percent increase from the previous day’s closing price.
In the quarter ending September 2023, MRPL reported a decline in revenue from operations, recording figures of Rs 22,844 crore compared to Rs 28,453 crore in the previous fiscal year. Despite this dip in revenue, the company showcased a remarkable turnaround in its profitability. The profit after tax for the September quarter stood at Rs 1,059 crore, a significant improvement from a net loss of Rs 1,789 crore reported in the same period the previous year.
Additionally, MRPL demonstrated a positive shift in its operational performance. The earnings before interest, taxes, depreciation, and amortization (EBITDA) grew substantially, reaching Rs 2,213 crore, in contrast to the negative EBITDA of Rs 1,963 crore in the previous fiscal year. This positive trend highlighted the company’s effective cost management strategies and operational efficiency.
As of 1:00 pm, MRPL shares continued to surge, trading 1.74 percent higher at ₹105.50.
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