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Chennai Petroleum Corporation Ltd (CPCL) has reported a massive rise in its standalone net profit at ₹1,191 crore for the quarter ended September 30, 2023, when compared with ₹28 crore in the year-ago quarter despite a drop in revenue.
Revenue from operations was lower at ₹20,010 crore in Q2 of this fiscal as against ₹22,894 crore in Q2FY23, a decline of 14 per cent. Total expenses were lower at ₹18,427 crore when compared with ₹22,869 crore in the year-ago quarter.
Profit before exceptional and tax stood at ₹1,588 crore as against ₹35.5 crore.
In the September 2023 quarter, crude throughput stood at 3.049 million tonnes as against 2.877 mt in the year-ago period.
For the half year ended September 30, 2023, CPCL’s net profit was lower at ₹1,739 crore when compared with ₹2,387 crore in the same period of the previous fiscal. Revenue was significantly lower at ₹37,995 crore when compared with ₹50,344 crore in the year-ago period.
The average gross refining margin stood at $10.34 per bbl during the April-September 2023 period when compared with $14.58 per bbl in the year-ago period.
The company scrip closed at ₹534.35 a piece on BSE, up 2.65 per cent, on Wednesday.
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