Mangalore Refinery & Petrochemicals slides over 8.80% despite reporting strong Q4 QoQ numbers

Mangalore Refinery & Petrochemicals shares were off to a poor start on BSE on Monday (May 6, 2024) despite the company reporting strong operational numbers in the fourth quarter (January-March quarter of FY2324).

The stock that closed at Rs 251.40 on Friday slumped to Monday's low of 229.15, an 8.85 per cent decline from the previous close.

Mangalore Refinery & Petrochemicals shares that began the trading session on Monday at Rs 254.30 each were trading lower by 6.96 per cent, or Rs 17.50, at Rs 233.90 at 10:07 am. 

Mangalore Refinery & Petrochemicals (Standalone) (QoQ) Q4 results    

Mangalore Refinery & Petrochemicals' EBITDA in Q4 soared by 101 per cent to Rs 2,330 crore in the January-March quarter compared to Rs 1,159 crore in the previous quarter.

The refinery's profit after tax (PAT) skyrocketed by 193.70 per cent to Rs 1,137 crore in the fourth quarter against Rs 387 crore quarter-on-quarter (QoQ).

Its revenue from operations, meanwhile, saw a slight jump of 2.7 per cent to Rs 25,329 core in the quarter under review compared to Rs 24,667 crore QoQ.

The refinery's margin rose to 9.2 per cent in Q4 against 4.7 per cent in the third quarter.    

Mangalore Refinery & Petrochemicals has also announced a dividend of Rs 2 per equity share.