Mangalore Refinery and Petrochemicals Limited — Important, 20-01-2025: Updates

The review of the standalone financial results for Mangalore Refinery and Petrochemicals Limited for the quarter and nine months ending December 2024 showed that there were no significant misstatements. The auditors expressed confidence in the financial statements prepared according to Indian Accounting Standards. However, it’s noted that the company’s Board lacks the required number of independent directors, impacting governance and audit committee functions. This issue was directly communicated in the approval of the financial results by the Board.

In the consolidated results, the company accounted for ₹5.11 crore in net profit after tax for the quarter and ₹20.64 crore for nine months, with comprehensive income figures similarly reported. These figures incorporate the company's share of performance from its jointly controlled entity, Shell MRPL Aviation Fuels and Services Limited, but the results from this joint venture were previously reviewed by another audit firm. Investors should monitor the governance situation closely, as it could pose risks to operational oversight.