Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC and Schedule A Mini Ratna Category company has registered Q4 FY21 gross revenue of Rs. 20,788 crore, registering a growth of 18.5% vis-a-vis Q4 FY20. 

Profit before Tax reached Rs. 519 crore vis-a-vis Q4 FY20 Loss before tax of Rs. 2,276 crore. Profit after Tax reached Rs. 328 crore vis-a-vis Q4 FY20 Loss after tax of Rs. 1,629 crore. 

The outbreak of COVID-19 pandemic globally and resultant lockdown in many countries has impacted the business of the company for FY21. Consequently, lower demand for crude oil, petroleum and petrochemical products has impacted the prices and refining margin globally during the part of the year which has resulted in reduction in sales for the company. The capacity utilisation gradually improved subsequently. 

Management has assessed the potential impact of COVID-19 based on the current circumstances and expects no significant impact on the continuity of operations of the business on long term basis/on useful life of the assets/on long term financial position etc. though there may be lower revenues and refinery throughput in the near future. 

Many initiatives are taken to improve the revenue available from marketing margins. Domestic sales of petroleum products are increased by entering into new agreements with Oil Marketing Companies. To capture retail margins, MRPL is focused on setting up its own retail outlets and the same is being expedited.