Chennai Petroleum Corporation Ltd (CPCL) reported a standalone net loss of ₹629 crore for the quarter ended September 30, 2024, compared to a net profit of ₹1,191 crore in the corresponding period last year, amid a sharp decline in revenue.
Revenue from operations dropped 28 per cent to ₹14,425 crore in Q2 FY25, down from ₹20,010 crore in the year-ago quarter. Total expenses stood at ₹15,305 crore, compared with ₹18,427 crore in the same period last year.
The company reported a loss before exceptional items and tax of ₹857 crore, in contrast to a profit of ₹1,588 crore in the previous year’s quarter.
CPCL processed 2.098 million tonnes of crude during the September 2024 quarter and 4.928 mt in the half-year ended September 30, 2024, compared to 3.049 mt and 5.726 mt, respectively in the corresponding periods of the previous fiscal year.
For the first half of FY25, CPCL recorded a net loss of ₹287 crore, significantly down from the net profit of ₹1,739 crore in the same period last year. Revenue for the half-year was ₹34,786 crore, compared with ₹37,995 crore in the previous fiscal period.
The company’s average gross refining margin (GRM) for the April-September 2024 period stood at $2.93 per barrel, a steep decline from $10.34 per barrel in the same period last year. The reduction in GRM was attributed to lower product cracks in international markets and maintenance shutdowns of refinery and secondary processing units during the quarter, according to a company statement.