Chennai Petroleum Corporation posts ₹143-cr profit in Q3

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Chennai Petroleum Corporation Limited (CPCL)  posted a standalone net profit of ₹143 crore for the quarter ended December 31, 2022, compared with ₹229 crore in the year-ago quarter.

Revenue from operations was higher at ₹19,214 crore compared with ₹13,592 crore in the year-ago quarter. Total expenses stood at ₹19,032 crore (₹13,291 crore). Profit before tax was at ₹186 crore.(₹301 crore).

“The Government of India with effect from July 1, 2022, levied duties on the export of petroleum products at the rates notified on fortnightly basis, which have been reckoned in the refinery transfer pricing. This has resulted in lower revenue realisations with significant impact on the profitability for and upto the quarter,” according to a statement.

In December 2022 quarter, crude throughout stood at 2.605 MT (million tonnes) against 2.156 MT in the year-ago period. The average gross refining margin stood at $5.66 per bbl as against $ 7.25 per bbl.

The JV to implement the 9 MMTPA refinery project at Cauvery Basin Refinery, Nagapattinam has been incorporated on January 6, 2023.

For the 9-month period ended December 31, 2022, the company’s net profit stood at ₹2,530 crore compared with ₹348 crore in the same period the previous year. Revenue stood at ₹69,558 crore (₹39,477 crore).

The average gross refining margin (GRM) for April-December 2022 period was $11.70 per bbl as against $6.28 per bbl in the same period the previous year.

Shares of CPCL closed 1.99 per cent lower at ₹229.40 per piece on BSE.