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Chennai Petroleum Corporation Limited (CPCL) has reported a net profit of ₹232 crore for the quarter ended March 31, 2021 when compared with a net loss of ₹1,638 crore in the year-ago quarter.
Revenue from operations stood at ₹14,705 crore as compared to ₹11,792 crore in the year-ago quarter.
For the full year 2020-21, the company’s net profit stood at ₹238 crore when compared with a net loss of ₹2,078 crore in 2019-20.
However, profit before tax stood at ₹1,277 crore as against a loss before tax of ₹3,016 crore amidst challenging times with lower product margins and lower demand due to Covid-induced lockdown. But better operational performance together with inventory gains on account of increase in crude & product prices has helped overcome the above challenges, according to a statement.
The average gross refining margin (GRM) for FY21 was $7.14 per barrel as against negative GRM of $1.18 per bbl during 2019-20.
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