MRPL fell to a day low of Rs 171.20 on Thursday, even after the refiner reported a nearly threefold jump in its September-quarter profit.

Mangalore Refinery and Petrochemicals Limited, a subsidiary of ONGC, said its standalone net profit for the quarter ended 30 September came in at Rs 1,881 crore.

A year earlier it earned Rs 639 crore. Standalone means the figures cover MRPL alone, without its subsidiaries. The board approved the numbers on 14 October.

Sales grew too. Revenue from operations rose to Rs 35,590 crore from Rs 25,953 crore, and profit before tax climbed to Rs 2,519 crore from Rs 975 crore.

For the first half of the year, profit stood at Rs 2,796 crore against Rs 367 crore a year earlier. Counting subsidiaries too, profit was Rs 1,901 crore, up from Rs 627 crore.

Sources reported that EBITDA, a measure of operating profit, more than doubled to Rs 3,210 crore. One number moved the other way.

The refinery processed 4.18 million tonnes of crude oil and other feedstock in the quarter, down from 4.43 million tonnes a year ago.

Over the full half-year, though, volumes grew to 8.61 million tonnes from 7.95 million tonnes.

Shareholders also get a payout. The board declared an interim dividend of Rs 3 per share, which is 30% of the face value.

The company had other news to share. Fitch Ratings gave MRPL its first international credit rating, BBB- with a stable outlook.

On 7 October, MRPL also set up ONGC Petrochemicals Marketing Limited, a joint venture with ONGC and OPaL, where it holds a 25% stake.

During the quarter, MRPL signed deals to hire storage tanks for aviation fuel in Goa and for petrol and diesel in Kochi. It also began loading products at terminals in Mangaluru, Hindupur and Ennore.

At 13:15 pm on Thursday, MRPL was trading at Rs 173.13 on NSE, down by 6.55% from Wednesday’s close of Rs 185.26.

The stock opened at Rs 189.60 and touched a day high of Rs 191.49 before sliding.

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