Mangaluru, Sep 3, 2016: MRPL Chairman DK Saraff informed that MRPL recorded profit of Rs 720 crore after provision of tax in the first quarter of Financial performance 2016-17 as against 405 crore during the corresponding previous quarter.
Addressing the press at MRPL Head Quarters today September 3 Saturday,he said that the increased profit is on account of increased margins in the products coming out of the secondary units in Phase III and also from polypropylene unit.
Meanwhile few projects were proposed among them are conversion of refinery which the project are framed and planned to complete by 2019, he informed
Even planning to expand the refinery up to 18 to 21 million from 15 million and there need to look on to pros and cons before expansion of refinery, said DK Saraff.
The company’s refining through put during the quarter was lower compared to corresponding quarter of previous year on account of water stoppage from Nethravathi river, said Saraff.
He also said that the company has established its strong market presence by way of direct marketing of its products Petcoke, Sulphur and Polypropylene.
MRPL is in the process of setting up more retail outlets and at present MRPL has arranged for a site at NMPT premises for setting up a retail outlet and company is in the process of obtaining statutory approvals, he added.
He further said that, MRPL has taken over the retail outlet of ONGC set up in Mangaluru near the refinery unit and has now become a part of MRPL retail outlet map.
Managing Director H Kumar, AK Sahoo and Venkatesh were present.