Chennai Petro Q4 PAT up 4-fold at Rs1,001.92cr on sharp rise in gross refining margins for the quarter

28 Apr 2022 , 07:24 PM

Chennai Petro Ltd reported 87.86% growth in total revenues yoy for the Mar-22 quarter on consolidated basis at Rs16,414cr. On a sequential basis, revenues were higher for the quarter by 65.14%.

For the full year FY22, the revenues were higher by 44% at Rs60,492cr on a gross basis. During the quarter, the company benefited from higher crude prices which had crossed $100/bbl in the Brent crude made.

This resulted in improved GRMs and also profits and gains arising from the translation of inventory at higher crude and oil prices.

The consolidated net profit for Q4 was up 314.05% at Rs1,001.92cr while it was up on a sequential basis by 331.04%.

Higher profits were a result of higher gross refining margins for Chennai Petro and better value from translation gains. With a sharp reduction in debt,

Chennai Petro has seen an improvement in its interest coverage ratio as well as the debt service coverage ratio. Net margins stood at 6.10% in Mar-22 quarter compared to 2.77% in Mar-21. NPM was higher sequentially compared to 2.34% in Q3.

Financial highlights for Mar-22 compared yoy and sequentially

	Chennai Petroleum
Rs in Crore	Mar-22	Mar-21	YOY	Dec-21	QOQ
Total Income (Rs cr)	₹ 16,413.57	₹ 8,737.24	87.86%	₹ 9,939.29	65.14%
Net Profit (Rs cr)	₹ 1,001.92	₹ 241.98	314.05%	₹ 232.44	331.04%
Diluted EPS (Rs)	₹ 67.28	₹ 16.25		₹ 15.61
Net Margins	6.10%	2.77%		2.34%