New Delhi, Apr 26 (PTI) Mangalore Refinery and Petrochemicals Ltd (MRPL) on Saturday reported a 68 per cent drop in its March quarter net profit on the back of a fall in refining margins.

Net profit was Rs 363 crore in January-March - the fourth quarter of April 2024 to March 2025 fiscal year - compared with Rs 1,137 crore earnings in the same period a year back, the company said in a statement.

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The firm, which is a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC), earned USD 6.23 on turning every barrel of crude oil into fuel in the fourth quarter as compared to a gross refining margin of USD 11.35 per barrel a year back.

Revenue from operations dropped to Rs 27,601 crore from Rs 29,190 crore in January-March 2024 on lower oil prices.

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For the full 2024-25 fiscal,PL reported a net profit of Rs 51 crore, down from Rs 3,596 crore in 2023-24. (The firm had booked losses in the previous quarter of FY25).

It earned a gross refining margin of USD 4.45 per barrel in FY25, down from USD 10.36 per barrel in the previous fiscal.

PL said its refinery processed record crude oil at 18.044 million tonnes in FY2024-25 (the previous best was 17.116 million tonnes in FY 2022-23).

Distillate yield too was the highest at 81.93 per cent (78.77 per cent in FY24). Also, the refinery produced the highest-ever jet fuel (ATF) of 2.72 million tonnes in the fiscal year (the previous best being 2.09 million tonnes in 2023-24).

During the year, 66 new petrol pumps were commissioned, taking the total to 167 outlets.

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