mangalore refinery & petro (MRPL) Snapshot

According to the news report, more than one in the sector expressed interest in bidding for Bengal government’s stake in public sector undertakings (PSU). GAIL (India) Limited (BSE:532155) is said to be interested in purchasing Haldia Petrochemicals Limited (HPL), despite the possible legal implications. The report added that Mangalore Refinery and Petrochemicals Limited (BSE:500109) would also participate in bidding, with Indian Oil Corporation Limited (BSE:530965). The news mentioned that earlier Reliance Industries Limited (BSE:500325) had earlier shown interest in HPL but it refused to comment on this. The final date to file an Expression of Interest (EoI) is June 10, 2013. Chairman and Managing Director of GAIL, B C Tripathi said, “We understand that there are legal and political problems. Still, we are keen on HPL stakes. If we are bidding for it, we would be going alone.” Deloitte has been appointed as transactional advisor for valuation of HPL’s shares.

Mangalore Refinery and Petrochemicals Limited announced audited earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported net sales of INR 185,795.1 million against INR 158,383.9 million a year ago. Profit from operations before other income, interest and exceptional items was INR 557.5 million against INR 8,911.3 million a year ago. Profit from ordinary activities before tax was INR 464.6 million against INR 8,916.7 million a year ago. Net loss for the period was INR 619.0 million against net profit for the period of INR 6,019.7 million a year ago. Basic loss per share (not annualized) was INR 0.35 against basic earnings per share of INR 3.43 a year ago. EBITDA was INR 19.8 million compared to INR 70.7 million a year ago. For the full year, the company reported net sales of INR 656,916.1 million against INR 537,633.5 million a year ago. Loss from operations before other income, interest and exceptional items was INR 2,833.1 million against profit from operations before other income, interest and exceptional items of INR 11,977.5 million a year ago. Loss from ordinary activities before tax was INR 4,768.5 million against profit from ordinary activities before tax of INR 13,202.1 million a year ago. Net loss for the period was INR 7,569.1 million against net profit for the period of INR 9,085.9 million a year ago. Basic and diluted loss per share (not annualized) was INR 4.32 against basic and diluted earnings per share of INR 6.18 a year ago. EBITDA was INR 24.5 million compared to INR 56.0 million a year ago.

Mangalore Refinery and Petrochemicals Limited announced that the Board of Directors of the company at its meeting held on May 24, 2013, have recommended Nil Dividend (Previous year INR 1.00 per equity Share) (Previous year 10%) on par value of INR 10 per equity share for the financial year ended March 31, 2013.