Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil Corporation (IOC), on Wednesday reported 39 per cent drop in March quarter net profit on lower prices and foreign exchange loss.
Consolidated net profit of Rs 627.89 crore in January-March FY24 was lower than Rs 1,012.81 crore earning in the same period last year, according to a stock exchange filing of the company.
The profit was up 71 per cent when compared with Rs 365.3 crore earning in December quarter.
Revenue from operations was lower at Rs 20,822.95 crore as against Rs 21,350.05 crore in January-March FY23.
