Chennai Petroleum Corporation Ltd (CPCL) has reported a decline in net profit for the June 2024 quarter amid an improvement in physical performance.
The company’s standalone PAT stood at ₹343 crore in Q1 of this fiscal, as against ₹548 crore in Q1 of FY24. However, revenue from operations was higher at ₹20,361 crore, as against ₹17,986 crore.
CPCL achieved crude throughput of 2.830 MMT (million metric tonnes) in the June quarter, as against 2.677 MMT in the year-ago quarter, according to a statement.
The gross refining margin (GRM) for the June 2024 quarter was $6.33/bbl, as compared to $8.33/ bbl in the corresponding period of the previous financial year.
CPCL outperformed the industry’s benchmark Singapore GRM, which was $3.48 /bbl for the quarter ended June 30, 2024, it added.
The consolidated profit after tax for the first quarter was ₹357 crore, as against ₹557 crore in the year-ago period. The company’s debt-equity ratio decreased to 0.49 as of June 30, 2024, from 0.86 as of June 30, 2023.
The company’s net worth increased to ₹9,176 crore in Q1 of this fiscal, from ₹7,032 crore in Q1FY24.
Meanwhile, H Shankar, Director-Technical of CPCL, has taken on the additional role of Managing Director effective July 16, 2024, following Arvind Kumar’s appointment as Director (Refineries) at IndianOil Corporation Ltd.
The company’s share closed at ₹1,020.10 , up 0.37 per cent, on the BSE on Thursday.