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Mangalore Refinery And Petrochemicals Ltd.

BSE: 500109 Sector: Oil & Gas
NSE: MRPL ISIN Code: INE103A01014
BSE 00:00 | 24 Apr 2020 Mangalore Refinery And Petrochemicals Ltd
NSE 05:30 | 01 Jan 1970 Mangalore Refinery And Petrochemicals Ltd

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OPEN 32.80
PREVIOUS CLOSE 32.10
VOLUME 72753
52-Week high 72.85
52-Week low 21.25
P/E
Mkt Cap.(Rs cr) 5,661
Buy Price 32.00
Buy Qty 55.00
Sell Price 32.30
Sell Qty 342.00
OPEN 32.80
CLOSE 32.10
VOLUME 72753
52-Week high 72.85
52-Week low 21.25
P/E
Mkt Cap.(Rs cr) 5,661
Buy Price 32.00
Buy Qty 55.00
Sell Price 32.30
Sell Qty 342.00

Mangalore Refinery And Petrochemicals Ltd. (MRPL) - Chairman Speech


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Company chairman speech

Dear Stakeholders

It gives me immense pleasure to present the 31st Annual Report for the year2018-19 to our valued shareholders and also present certain highlights of the year'sperformance.

The past year was an extremely challenging year for the entire oil industry andparticularly for standalone refineries. Various global events macroeconomic factorsbilateral issues between major trading countries maturing of the US shale crudeproduction and a mid-year shift in product demand globally resulted in highly volatileprices and margins. I am glad to report that even in such a challenging businessenvironment your company has delivered excellent physical performance and on the strengthof this has been able to report positive financials for the year. I would like to presentbefore you few highlights for the year 2018-19:

Financial Performance

The year saw extreme fluctuations in margins of products. A case in example beingMS for which margins turned negative in December. Monthly average landed cost of crude foryour company varied from a high of USD 74.69/ BBL to low of USD 59.72/BBL.

Your Company achieved turnover of Rs. 72283 crore against a turnover of Rs.63067 crore during the financial year 2017-18.

Your Company earned a Profit After Tax (PAT) of Rs. 332 crore against a profit ofRs. 2224 crore for the financial year 2017-18.

The Gross Refining Margin (GRM) for financial year 2018-19 was 4.06$/bbl asagainst 7.54$/bbl during the financial year 2017-18.

The Board has recommended a dividend of Rs. 1/- per equity share of Rs. 10/-each.

Physical Performance

Your company processed 16.43 MMT (Gross) of Crude in 2018-19 against 16.31 MMTduring 2017-18. This was the highest ever Crude processing achieved by the company. Ofthis 81.5% of Crude was of the High Sulphur variety. This throughput was possible byadherence to operational discipline high equipment reliability and high plantavailability.

Your company achieved the highest ever NRGF (Nelson's Refinery Grading Factor) of7.35. This is an index that is used to assess the efficiency of the asset utilization. Indiahas committed to the global initiative for sustainable development. Increasingenergy efficiency is one of the key targets under the Paris accord.

Your company too has taken energy efficiency extremely seriously and I am gladto report that the refinery achieved its lowest ever energy intensity (best everenergy efficiency). The refinery achieved Mean Barrel No (MBN) of 74.3 MMBTU/BBL/NRGF.

Safety

Your Company continues to have a sharp focus of safety and has achieved 1024cumulative accident free days as on 31/03/2019. It has also achieved 13.67 million manhours worked in the year 2018-19 as against 8.51 million man hours worked during theprevious financial year. The increase in manhours worked was due to implementation ofProjects and shutdown activities.

Several awareness programs are undertaken in the refinery to ensure safety ofpeople processes and assets. Your Company is committed towards providing a healthy andsafe work environment to employees contractors and all the visitors to the Refineryadopting the best industry practices. Robust systems and standards have been built forcontinuously reducing the risks in the refinery associated with Health Safety andEnvironment (HSE). Innovative approaches to safety like tool-box talks and buddy systemhave been implemented with a view to further improving safety performance.

Direct Marketing

Your company continues to ramp up marketing of its products in order to achievebetter value of its products.

The total direct domestic sales volume of all products during the FY 2018-19 hasbeen 2050 TMT with a sales value of Rs. 8034 crore which is about 35% higher thanprevious year sales value ofRs. Rs. 5940 crore.

Your company produced and marketed the highest ever quantity of Polypropylene inthe year 2018-19. The company manufactured 388 TMT of Polypropylene and saw the sales ofin FY 2018-19 reach Rs. 4180 crore compared to the previous year sales of Rs. 2639 crore.Your company opened one new retail outlet at Gubbi in Tumakuru District Karnataka inthe FY 2018-19. With this total number of retail outlets have reached 7. Your companycontinues the process of retail expansion plan to set up new retail outlets in the stateof Karnataka & Kerala. Letter of Intents have been issued to several shortlistedapplicants for commissioning of new retail outlets.

Employee Relations

Your Company holds employee welfare as very important and employee relations continuesto be cordial and harmonious. As in the past years this year too I am happy to reportthat not a single man-hour was lost on account of any industrial disturbance in the year2018-19.

Environment and Social Responsibility

Your company is committed to sustainable development. Reduction in energyintensity use of fresh water and decreasing emissions continue to be the focus areas.Your company has maximized the use of treated Municipal Sewage Water. In its intent toreduce reliance on fresh water sources your company is setting up a sea waterdesalination plant at a cost of more than Rs. 600 Crore. I am glad to report that theproject is under full swing and is expected to complete in the mid of 2020.

Your company had demonstrated resilient management system of Quality andEnvironment and thus got certified for ISO 2015 Standards and has become one of thepioneers in Indian Oil & Gas fraternity to comply with revised ISO standards.

As part of spreading awareness of environment protection MRPL has celebratedvarious awareness programs among citizens of Mangalore through various outreach programspartnering with schools colleges and other agencies in addition to the DistrictAdministration.

As part of its Corporate Social Responsibility your company focused in the areasof rural transformation health education sanitation and has taken up programs thatbenefit the communities in and around its operational area which results in enhancing thequality of life & economic well-being of the local populace over a period of time.

MRPL Hospital with 24x7 manning of doctors and trained nursing staff in addition toavailability of various specialist consultants is open to residents of the nearbyvillages. I would like to place on record my sincere appreciation to the Board ofDirectors for their expertise and guidance. On behalf of the Board I would also like toexpress my gratitude to all our stakeholders for their continued support patronage trustand confidence.

(Shashi Shanker)
Chairman
Place : New Delhi
Date : 04/07/2019


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