Chennai Petro Q1FY23 PAT more than doubles sequentially to Rs2,357 crore on higher GRMs

26 Jul 2022 , 09:29 AM

Chennai Petroleum Corporation Ltd (CPCL), reported 183.63% growth in sales revenues yoy for the Q1FY23 quarter on consolidated basis at Rs23,163 crore.

On a sequential basis, revenues were higher for the quarter by 41.12%. For Q1FY23, CPCL reported higher top line on the back of better crude prices leading to better gross refining margins.

Being a pure play refining company, CPCL did not have to worry about the pressure on marketing margins. However, the idea of windfall taxes has sullied the rally in the stock to a large extent.

The consolidated net profit for Q1FY23 was up multi-fold yoy at Rs2,357.62 crore while it was up on a sequential basis by 135.31%.

For the quarter, CPCL reported operating margins of 14.11% compared to 2.18% in the year ago period. Due to the sharp spike in the profits of CPCL, its debt service coverage ratio improved from 2.44 to 6.82 times yoy.

At the same time, the interest coverage ratio also improved from 2.95 times to 44.67 times. The debt equity ratio has come to below 1 in the current fiscal. Net margins were 10.18% in Q1FY23 quarter compared to 0.69% in Q1FY22. NPM was higher as compared to 6.10% in Q4FY22.

Financial highlights for Jun-22 compared yoy and sequentially

	Chennai Petroleum
Rs in Crore	Jun-22	Jun-21	YOY	Mar-22	QOQ
Total Income (Rs cr)	₹ 23,162.55	₹ 8,166.46	183.63%	₹ 16,413.57	41.12%
Net Profit (Rs cr)	₹ 2,357.62	₹ 56.65	4061.73%	₹ 1,001.92	135.31%
Diluted EPS (Rs)	₹ 158.32	₹ 3.80		₹ 67.28
Net Margins	10.18%	0.69%		6.10%