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Chennai, July 12

Thanks to a marked increase in gross refining margins, Chennai Petroleum Corporation has reported a 27 per cent increase in its net profit for the first quarter of the current year compared with the same quarter last year. The refiner’s margin increased from $8.76 a barrel for the quarter, compared with $6.64 for the same period last year. Consequently, its net profit increased to Rs 323 crore against Rs 254 crore previously. CPCL’s turnover for the quarter amo unted to Rs 6,221 crore up from Rs 6,464 crore in Q1 last year. Despite higher turnover, total expenditure was lower at Rs 5,630 crore against Rs 5,985 crore, which is reflective of lower crude oil prices. EPS stood at Rs 21.7 against Rs 17.09 previously.

— Our Bureau

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