PL First Cut - MRPL Q2FY24

PL First Cut – MRPL Q2FY24 – Swarnendu Bhushan – Co – Head of Research, Prabhudas Lilladher Pvt Ltd

MRPL Q2FY24 First Cut: GRMs improve QoQ

• MRPL reported lower than expected results with EBITDA/PAT of Rs 21.3 bn (4%Q/Q; PLe : Rs 29.8 bn) and Rs 10.6bn (5%Q/Q; PLe: Rs 17.9bn).

• Refining throughput came in at 3.2 mmtpa (Q1: 4.3 mmtpa, PLe: 3.3 mmtpa)

• GRMs came in at $17.1/bbl (Q1: $9.8/bbl; PLe $15.1/bbl), core GRM stood at US$9.9/bbl with an inventory gain of US$7.2/bbl