Chennai Petroleum Net Profit Halves As Refinery Margin Shrinks

New Delhi: Chennai Petroleum Corp Ltd (CPCL) today reported halving of its June quarter net profit on lower refinery margin.

Standalone net profit of Rs 469.8 crore, or Rs 31.55 a share, was 49.25 per cent lower than Rs 925.7 crore, or Rs 62.17 per share, in the same period a year ago, the company said in a regulatory filing.

It earned $8.02 on turning every barrel of crude oil into fuel as against a gross refining margin (GRM) of $10.09 last year.

CPCL's refineries processed 2.64 million tonnes of crude oil in the first quarter compared with 2.84 mt a year ago.

Revenue fell to Rs 9,781.4 crore in April-June from Rs 11,388.4 crore a year earlier because of drop in oil prices.

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