Chennai Petroleum Corporation Ltd (CPCL) has reported a significant drop in its net profit for the March 2024 quarter and the full fiscal FY24 amid marginal improvement in physical performance.

However, the board recommended a preference dividend of 6.65 per cent on the outstanding preference shares amounting to ₹33.25 crore for FY24 and a final equity dividend of ₹55 per equity share, subject to approvals.

The company’s standalone PAT declined to ₹2711 crore in 2023-24 when compared with ₹3534 crore in FY23. Revenue from operations was lower at ₹79,272 crore as against ₹90,908 crore.

While the nameplate capacity of CPCL’s Manali refinery is 10.5 MMT (million metric tonnes), the company achieved a crude thruput of 11.6 MMT, the highest-ever physical performance, when compared with 11.3 MMT in FY23.

The average gross refining margin stood at $8.64 per bbl in FY24 period when compared with $11.91 per bbl in FY23.

The company’s debt-equity ratio decreased to 0.32 as of March 31, 2024, from 0.67 as of March 31, 2023.

The company’s net worth increased to ₹8593 crore in March 2024 from ₹6281 crore in March 2023.

EPS (earnings per share) decreased to ₹182.07 per share in FY24 from ₹237.31 in FY23 as a result of subdued performance.

For the quarter ended March 31, 2024, the company’s PAT was lower at ₹612 crore as against ₹1004 crore in the year-ago quarter. Standalone revenue from operations declined to ₹20,833 crore when compared with ₹21,350 crore.