Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a loss of Rs 519.86 crore in the first quarter of 2020-21 as against a loss of Rs 500.12 crore in the corresponding period of 2019-20.

Consolidated net revenue in Q1FY21 stood at Rs 6,318.61 crore, which declined by 43.59% yoy from Rs 11,201.98 crore in Q1FY20.

EBITDA stood at negative Rs 603.43 crore in Q1FY21 that increased by 68.77% yoy. For Q1FY20, it had posted negative EBITDA of Rs 357.55 crore EBITDA margin as of Q1FY21 was at negative 9.55% that further deteriorated by 6.36% yoy compared to the same quarter, the previous year.

The company said that the crude throughput for the quarter was significantly lower due to lower demand for petroleum products on account of Covid-19 pandemic.

The company informed the stock exchanges that the board of directors of the company had approved the agenda item to raise funds of up to Rs 5,000 crore through issue of non-convertible debentures (NCDs).