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Time of India
6 days ago
- Business
- Time of India
Tricolour hoisted across PSUs in Vizag on Independence Day
1 2 Visakhapatnam : Gaiety and pomp marked Independence Day celebrations at public sector units (PSUs) in Visakhapatnam. The Tricolour was hoisted at Hindustan Shipyard Limited (HSL), Vizag Steel Plant (VSP), Dredging Corporation of India Limited (DCIL), Visakhapatnam Port Authority (VPA) and other institutions. HSL CMD Cmde Girideep Singh (Retd) said employees' commitment and hard work propelled HSL to a historic turnover of Rs 1,471 crore and a PAT of Rs 213 crore in FY 2024–25, with progress toward Mini Ratna status in the coming months. Emphasising future direction, he outlined HSL's adoption of Industry 4.0 practices, operational excellence initiatives, infrastructure modernisation, and upgrades in accounting standards—not merely as physical improvements, but as strategic enablers to meet the challenges of the next stage of growth. Visakhapatnam Port Authority (VPA) chairman Dr Angamuthu assured the people of Visakhapatnam that the port, in close coordination with the state government and local authorities, is working diligently to combat pollution and improve living conditions in the city. Highlighting the port's performance, he noted that VPA achieved its highest-ever cargo handling in the last financial year and expressed confidence in maintaining the momentum this year. Dredging Corporation of India Limited (DCIL) MD and CEO Durgesh Kumar Dubey said the company successfully executed several critical dredging assignments at major Indian ports—including JNPA, Cochin, Paradip, SMP Kolkata, VPA—and inland dredging works in the North-East during FY 2024–25. Further fortifying its leadership in the maritime sector, DCIL recently secured new dredging contracts for prominent ports such as JNPA, Paradip, and Puducherry, setting the course for sustained growth in the years ahead. Hindustan Petroleum Corporation Limited (HPCL) Visakha Refinery executive director (in-charge) R Ramakrishna, along with CGM (HR) G Kiran Kumar, stated that the mega Visakh Refinery Modernisation Project, which will increase refining capacity to 15 MMTPA, is progressing as planned. They mentioned the smooth commissioning of the new units on time. Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, director (Personnel) Dr Suresh Chandra Pandey highlighted recent developments at the plant. He stated that the restart of Blast Furnace-3 marks a significant milestone—not merely an operational success, but a testament to resilience and unwavering determination to progress. The CMD of EPDCL, Prithvitej Immadi, stated that the company has been providing uninterrupted power services with the highest quality standards to 7.3 million consumers within its jurisdiction. Transmission and distribution losses have been reduced to less than 5.8%, positioning the company at the forefront nationwide. He mentioned that free electricity has been provided to 23,024 houses in PVTG tribal areas, 1,979 houses under the DA-JGUA scheme, and 13,000 non-PVTG houses. Under the Prime Minister's Surya Ghar Yojana, 63.522 megawatts of solar rooftop systems have been installed on 19,385 homes, leading the state. As part of the RDSS scheme, new feeders have been established with an investment of Rs 3,004 crore for 24x7 three-phase power supply to rural areas, and 33 kV and 11 kV underground cables are being installed across Visakhapatnam city. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
Time of India
19-07-2025
- Business
- Time of India
MRPL Q1 results: MRPL reports Rs 272 crore loss as revenue and refining margins dip, crude throughput falls YoY
Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of and a Schedule 'A' Mini Ratna Category-I company, on Saturday reported a consolidated net loss of Rs 272 crore for the first quarter of FY26, reversing from a Rs 66 crore profit in the same period last year. Tired of too many ads? go ad free now The company's board approved the Q1 results during its 270th meeting held on July 18. MRPL said the loss was driven by a decline in revenue and lower refining margins, PTI reported. Revenue from operations in the June quarter dropped to Rs 20,988 crore, from Rs 27,289 crore in Q1FY25. Gross Refining Margin (GRM) slipped to $3.88 per barrel from $4.70 per barrel year-on-year. 'Refinery throughput stood at 3.52 million metric tonnes (MMT) of crude and other feedstocks, compared to 4.35 MMT in the year-ago quarter,' the company said in a statement. Despite the overall drop, MRPL said it achieved a milestone in April 2025, processing 1,512 TMT of crude oil — its highest-ever for the month — surpassing the earlier April record of 1,481 TMT set in 2022. Standalone EBITDA fell to Rs 218 crore, from Rs 650 crore a year ago. Profit Before Tax for the quarter was negative Rs 403 crore, compared to a Rs 101 crore profit in Q1FY25. Consolidated loss after tax attributable to owners stood at Rs 271 crore, against a Rs 73 crore profit in the corresponding quarter last year. The company completed scheduled maintenance and shutdown of major units in its phase-2 complex during the quarter, impacting output. It, however, expressed confidence in recovery in the coming quarters, supported by resumption of operations and improved margins.
