Chennai Petro Q3 PAT slides 37% YoY to Rs 143 cr

Chennai Petroleum Corporation's standalone net profit declined 37.5% to Rs 142.95 crore in Q3 FY23 as against Rs 228.83 crore recorded in Q3 FY22.

Net sales surged 61.5% to Rs 16,054.44 in the quarter ended 31 December 2022 from Rs 9,939.29 crore posted in the corresponding quarter previous year.

The Government of India with effect from 1 July 2022, levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reduced in the Refinery Transfer Pricing. This has resulted in lower revenue and profitability for the quarter, the company said.

Profit before tax stood at Rs 186.26 crore in Q3 FY23, sliding 38.2% as against Rs 301.34 crore reported in Q3 FY22.

The company's total expenses spiked 43.2% year on year to Rs 19,032.11 crore in Q3 FY23. Cost of raw materials consumed soared 53.43% YoY to Rs 14,850.18 crore in Q3 FY23.

Crude throughput in Q3 FY23 stood at 2.605 MMT, rising 20.83% from 2.156 MMT reported in the same period last year. Average gross refining margin (GRM) for Q3 FY23 stood at $5.66 per bbl as against $7.25 per barrel posted in the corresponding period a year ago, up 28.09% on a YoY basis.

Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 31 December 2022, Indian Oil Corporation held 51.89% stake in CPCL.

The scrip jumped 4.73% to currently trade at Rs 240.70 on the BSE.

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