Mangalore Refinery And Petrochemicals Ltd. share price target

ICICI Securities Ltd | Retail Equity Research MRPL reported its Q4FY18 numbers, which were above our estimates on the revenue front with higher-than-expected crude throughput. Revenues increased 7.7% QoQ to | 18753.1 crore and came in largely above our estimate of | 17186.9 crore. Crude throughput was at 4.3 MMT in Q4FY18 vs. 4.5 MMT in Q3FY18 and came in above our estimate of 4 MMT Reported GRMs during the quarter came in at US$7.9/bbl, below our...

MRPL's 4QFY18 EBITDA stood at INR10.4b (-33% YoY, -40% QoQ), significantly above our estimate of INR7.5b, led by higher-than-expected inventory gains and throughput. The company booked a forex loss of INR1.5b v/s forex gain of INR1.9b in 3QFY18 and INR3b in 4QFY17. PBT stood at INR8.5b (est. of INR5.2b; -35% YoY, -43% QoQ), further boosted by higher other income of INR771m (est. of INR593m; +106% YoY, +282% QoQ). Effective tax rate was 36% v/s 34% in 3QFY18 and 33% in 4QFY17. PAT was INR5.4b (-38% YoY, -44% QoQ), significantly above our estimate of INR3.5b.

MRPL reported its Q3FY18 numbers, which were above our estimates on the profitability front mainly on account of high inventory gains. Revenues increased 40.3% QoQ to | 17419.8 crore and came largely in line with our estimate. Crude throughput was at...

MRPL's 3QFY18 EBITDA was INR17.5b (+52% YoY, +93% QoQ), significantly above our estimate of INR11.5b, led by higher than expected inventory gains and throughput. The company booked a forex gain of INR1.9b v/s forex loss of INR670m in 2QFY18 and INR1.6b in 3QFY17. Interest cost was INR1.2b (-17% YoY, +10% QoQ; our estimate: INR1.3b), depreciation wasINR1.7b (+1% YoY, +1% QoQ; our estimate: INR1.9b) and other income was INR202m (-68% YoY, -76% QoQ; our estimate: INR573m). Effective tax rate was 34% v/s31% in 2QFY18 and 37% in 3QFY17. PAT was INR9.7b (+72% YoY, 103%QoQ), significantly beating our estimate of INR5.9b

MRPL reported its Q2FY18 numbers, which were below our estimates mainly on account of a lower than expected operational performance. Revenues declined 14.3% QoQ to | 12416.2 crore and came in below our estimate of | 14913.4 crore. The crude throughput...

during the quarter. Also, secondary units were not operational during most of the quarter due to shutdown. While interest cost came in at INR1.1b (est. of INR1.3b; -6% YoY, -2% QoQ), depreciation stood at INR1.7b (est. of INR1.9b; +1% YoY, +4% QoQ). Other income of INR828m (-11% YoY, +305% QoQ) was higher than our estimate of INR588m, led by benefits from government grants. Effective tax rate stood at 31% v/s 33% in 1QFY18 and 31% in 2QFY17. Adj. PAT of INR4.9b (+19% YoY, +112% QoQ) was significantly below our estimate of INR7.3b....

MRPL reported its Q1FY18 numbers that were below our estimates on the profitability front. Revenues declined 20% QoQ to | 14494.6 crore and were largely in line with our estimate of | 14257.2 crore. Crude throughput was at 4 MMT vs. our estimate of 3.9 MMT Reported GRMs in Q1FY18 were at US$4.7/bbl, below our estimate of US$5.2/bbl mainly due to higher than estimated inventory loss of US$2.3/bbl (our estimate: US$1.7/bbl) However, operational GRMs were at US$7.1/bbl above our estimate of US$6.9/bbl...

The company reported one-time exceptional income of | 1597.3 crore arising out of exchange rate variation gains on settlement of overdue trade payables. Subsequently, PAT during the quarter...

ICICI Securities Ltd | Retail Equity Research MRPL reported its Q3FY17 numbers that were below our estimates. MRPL reported 12.5% QoQ increase in revenue to | 15741.1 crore vs. | 13990.1 crore in Q2FY17 (our estimate: | 16619.3 crore) EBITDA increased 42.2% QoQ to | 1147.6 crore, which was below our estimate of | 1307.5 crore. GRMs during the quarter came in at US$7.4/bbl vs. US$4.7/bbl in Q2FY17. However, they came in below our estimates of US$9.2/bbl. Inventory gains came in at US$2.3/bbl in...

EBITDA declined 35.7% QoQ to | 785.5 crore, which was below our estimate of | 1015 crore. The decline in EBITDA mainly came on account of lower-than-expected GRMs at | 4.7/bbl in Q2FY17 vs. $10/bbl in Q1FY17 (our estimate: | 5.2/bbl). However, adjusted for inventory losses, GRMs were in line with our estimates PAT during the quarter declined 42.3% QoQ to | 415.9 crore, below our estimate of | 707.9 crore. Lower than estimated other income of | 92.5 vs. estimated | 202 crore contributed to the decline in PAT...