Company Update : MRPL by Motilal Oswal Financial Services Ltd
Miss led by lower-than-estimated GRM
* MRPL’s 4QFY25 refining throughput stood below our estimates at 3.5mmt. Reported GRM also came in significantly below our estimates at USD3.9/bbl (our estimate of USD7.5/bbl).
* The resultant EBITDA stood 86% below our estimate at INR2b.
* MRPL reported a net loss of INR2.7b, as interest expense stood above the estimate and other income stood below the estimate.
* Profitability was impacted by forex loss of INR180m.
* During the current quarter, the company reviewed and revised its accounting policy for PPE concerning Corporate Environment Responsibility (CER) obligations related to specified projects. This change led to a net increase of INR61m in loss before tax.
* The shutdown of major units in the Phase-2 complex has been completed.
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SEBI Registration number is INH000000412
