Chennai Petroleum Q1 Net Profit Falls 38% YoY, Revenue Dips 3.5%

26 Jul 2024 , 01:42 PM

Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil Corporation (IOC), reported a 38% year-on-year (YoY) decline in net profit for Q1 ending June 30, 2024.

The net profit for Q1 FY24 stood at ₹342.6 Crore, down from ₹548.32 Crore in the same period last year. Revenue from operations dipped 3.5%, reaching ₹17,095 Crore compared to ₹17,720.2 Crore in Q1 FY23.

At the operating level, EBITDA declined by 25.7%, amounting to ₹663.6 Crore in Q1 FY24, down from ₹1,041.8 Crore in Q1 FY23. The EBITDA margin for Q1 FY24 was 3.9%, compared to 5.9% in the corresponding period of the previous fiscal year.

Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL), is a subsidiary of Indian Oil Corporation Limited. CPCL operates under the Ministry of Petroleum and Natural Gas of the Government of India, with its headquarters in Chennai, India.

Established in 1965 as a joint venture between the Government of India, Amoco, and the National Iranian Oil Company (NIOC), the shareholding was distributed as 74%, 13%, and 13% respectively.

The CPCL refinery was set up with an installed capacity of 2.5 million tonnes per year in a record time of 27 months, costing ₹430 million (US$5.2 million) without any time or cost overrun.

At the time of writing on July 26, 2024 at 1:27 pm, shares of Chennai Petroleum Corporation Ltd is currently trading at ₹1001 which is a 1.45% gain than the previous close. Chennai Petroleum Corporation Ltd stock has gained a total of 146% in the last one year, and 42% since the beginning of the year.

Indian Oil Corporation Limited (IOCL or IOC) is an Indian multinational oil and gas company. IOCL operates under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. The company is registered in Mumbai but headquartered in New Delhi.

IndianOil is a public sector undertaking with operations overseen by the Ministry of Petroleum and Natural Gas.

IOCL’s business interests cover the entire hydrocarbon value chain, including refining, pipeline operations, and marketing of petroleum products. The company is involved in the exploration and production of petroleum, natural gas, and petrochemicals.

Indian Oil has ventured into renewable energy and the globalisation of downstream operations. IOCL has subsidiaries in Sri Lanka (Lanka IOC), Mauritius (IndianOil (Mauritius) Ltd), and the Middle East (IOC Middle East FZE).