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Mangalore Refinery and Petrochemicals Ltd. reported lower-than-estimated Ebitda.
Refining throughput was down 24% QoQ (~82% utilisation rate) on account of slower demand (impacted by the second Covid-19 wave).
As per our discussion with the management, the utilisation rate at the refinery and polypropylene unit continues to hover at 82–85% currently.
Continued concerns over utilisation rates would keep margins under pressure (due to higher opex), impacting profitability.
In its board meeting, MRPL announced the following resolutions:
raising funds of up to Rs 50 billion through the issue of non-convertible debentures,
Increasing the borrowing limit from Rs 250 billion to Rs 335 billion.
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