MRPL Outperforms BSE Mid-Cap Index And Major Indices In The Markets

The BSE Mid-cap index is trading lower by around 0.5% in line with the major indices in the markets. Bajaj Finserv and Indiabulls Housing Finance are the biggest contributors to the index losses.

Though the bears have been dominating in the markets, the Manglore Refinery and Petrochemicals have been outperforming the major indices in the markets and BSE Mid-cap index.

The mid-cap stock is trading higher by around 4.7% at Rs 141.75 per share. This is because the company’s rise in net profit in the recent quarter ended March 31, 2017. This shows that the quarterly earnings is always the major driver for the share price movement.

Manglore Refinery and Petrochemicals standalone revenue for the quarter came in at Rs. 13335 Cr, registering 43.5% yoy increase.

EBITDA for the quarter rose by 1.2% yoy to Rs. 1554 crore with a corresponding margin contraction of 488 bps. EBITDA margin for the quarter stood at 11.7%. This margin contraction was partly led by 62% yoy jump in the cost of material consumed.

Reported PAT for the quarter came in at Rs. 1937 crore, yoy increase of 42.1%. This was mainly due to an exceptional gain of Rs. 1597.29 crore during the quarter.

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About Suhani Varma

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