Chennai Petroleum Shares Fall The Most In Nine Months After A 76% Decline In Q1 Profit

Shares of Chennai Petroleum Corp. declined the most in nearly nine months after its first-quarter profit fell.

The company's net profit declined 76% year-on-year to Rs 556.5 crore in the quarter ended June, according to an exchange filing.

Chennai Petroleum Corporation Q1 FY24 (Consolidated, YoY)

• Revenues down 34% at Rs 17,985.67 crore.

• Ebitda down 72% at Rs 949.87 crore.

• Ebitda margin at 5.3% vs. 12.4%

• Net profit down 76% to Rs 556.5 crore.

Shares of Chennai Petroleum Corporation fell 8.08% to Rs 407.1 apiece as of 9:33 a.m., as compared to a 0.12% advance in the NSE Nifty 50. The scrip declined as much as 9.69% intraday, the highest single day fall since Oct. 27, 2022.

The scrip has risen nearly 97.7% year-to-date. Total traded volume stood at 7.2 times its 30-day average. The relative strength index was at 46.7.

Out of the three analysts tracking the company, one maintains a 'buy' rating, another recommends a 'hold', and the third suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 11.2%.