MRPL's capacity utilisation improved QoQ with increasing demand and surpassed pre-Covid level. However, capacity utilisation reduced during the current quarter (Q1FY22E-TD) due to declining demand. On the business front, MRPL has plans to augment its capacity from 15 MMTPA to 18 MMTPA over the next few years. However, last expansion project to increase complexity as well as capacity did not achieve desired results. Global product spreads have not fully recovered yet and will continue to affect refining margins. MRPL's previous investment in OMPL have not paid off....