Mangalore Refinery Edges Lower After Reporting March Quarter Results

Share price of Mangalore Refinery and Petrochemicals Limited edged lower by around two per cent on Wednesday, May 19, a day after announcing January-March quarter results for the financial year 2020-21. On Wednesday, Mangalore Refinery opened on the BSE at Rs 52.65, swinging to an intra day high of Rs 52.70, and an intra day low of Rs 51.30, in the trading session so far. Mangalore Refinery and Petrochemicals is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC). (Also Read: Mangalore Refinery & Petrochemicals Reports Profit Of ₹ 328 Crore In March Quarter )

Mangalore Refinery reported a net profit of Rs 328 crore in the March quarter of the fiscal year 2020-21. According to a regulatory filing, the firm to the stock exchanges, Mangalore Refinery's gross revenue from operations stood at Rs 29,788 crore in the March quarter of the fiscal year 2020-21, as against Rs 17,545 crore in the corresponding quarter of previous fiscal. The refinery's exports, including high sea-sales and deemed exports during the fourth quarter stood at Rs 3,903 crore.

Mangalore Refinery will enter into agreements with oil marking firms to boost its domestic sales. It is also is setting up its own retail outlets to capture the retail margins.

On the NSE, Mangalore Refinery opened at Rs 52.50, registering an intra day high of Rs 52.70 and an intra day low of Rs 51.30, in the session so far. It was last trading 1.79 per cent lower at Rs 52 on the NSE.

Shares of Mangalore Refinery were last trading 2.08 per cent lower at Rs 51.80 on the BSE.