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MRPL reported profits of 42% in Q4

Mangalore Refinery and Petrochemicals Ltd. (MRPL) has reported a 42% jump in the fourth-quarter profit on account of write back related to payments to Iran for past crude purchases.

It has now cleared all past dues of about $2.5 billion that had accumulated on account of crude purchases from Iran in sanction years. The company has also declared a dividend of Rs 6 per share.

The company reported a gross refining margin of $8.25/barrel, compared to $8.24/barrel in the year-ago period.

MRPL plans to raise its refining capacity to 25 million tonnes per annum from the current 15 million tonnes. It has hired Engineers India Ltd to do feasibility study for the same.