Mangalore Refinery and Petrochemicals (MRPL) reported a near 55 percent jump in June-quarter net profit but the core gross refinery margins (GRMs) were lower compared to last quarter.
M Venkatesh, managing director of the company, spoke to CNBC-TV18 about the results and outlook.
“We have met out budgeted throughput capacities and secondary processing utilization based on the target shutdowns what we planned for Q1 and going forward it should be in the same line,” Venkatesh said.
“We have done capacity of 3.85 million tonne and gross refining margin is about USD 8.30 per bbl,” he said.
On GRMs front, Venkatesh said, “Going forward I do not expect much pressure, it could be in the similar lines.”
Talking about the Iran sanctions, he said, “We are playing our role positively and actively. The situation is emerging, we are watching with all stakeholders taking conscious decisions on this particular aspect. Our approach is – nation first.”
Speaking about merger space, he said that, “As far as I know, it’s not between Oil and Natural Gas Corporation (ONGC) and MRPL. Some discussions are happening at certain levels between Hindustan Petroleum Corporation (HPCL) and MRPL.”
According to him, HPCL-MRPL merger should be a win-win for both companies.