Chennai Petroleum Corporation on Tuesday posted a consolidated net profit of ₹16.93 crore for the second quarter of the current fiscal as against a net profit of ₹61.05 crore for the same quarter of the previous fiscal.
The company’s net profit in the latest quarter was drastically lower than the net profit of ₹2,357.62 crore it posted in Q1FY23. The sharp drop in net profit, on a sequential basis, can be attributed to the decline in total income of the pure-play refining company.
Consolidated total income of the company, on a sequential basis, fell by 20 per cent to ₹22,898.37 crore in Q2FY23 as against ₹27,453.46 crore in the first quarter. However, on a year-on-year basis, the total income rose by 43 per cent ₹13,090.13 crore recorded in the year-ago quarter.
On a standalone basis, the company posted a net profit of ₹27.88 crore (₹65.45 crore) during Q2FY23.