Chennai Petroleum Corporation Q1 net profit shrinks 76% to Rs 548 crore
Indian Oil-subsidiary Chennai Petroleum Corporation Limited (CPCL) saw net profit shrink 76 per cent year-on-year to Rs 548.32 crore in the first quarter (April-June) of FY24 (2023-24).
On a sequential basis, net profit fell 45.4 percent from the Rs.1004 crore earned in the fourth quarter of FY23.
The company blamed tumbling average gross refining margins (GRM) which tumbled to Rs 8.33 per barrel during the quarter as compared to Rs 25 per barrel in Q1 of FY23 for the fall in earnings. GRM is the amount refiners earn from turning every barrel of crude into refined fuel products.
