Net revenue from operations rose by 5% quarter-over-quarter to Rs 17,375.90 crore during the period under review.

Total expenses in Q3 FY24 rose by 12.9% to Rs 16,897.33 crore as compared with Q2 FY24.

Profit before tax in Q3 FY24 stood at Rs 481.05 crore, down by 70% from Rs 1,587.86 crore in Q3 FY23.

The company’s operating margin (OPM) was 3.02% in Q3 FY24 as against 9.92% in Q2 FY24. Net profit margin for the October – December 2023 quarter was 2.06% as compared with 7.17% in the July – September 2023 period.

As compared with Q3 FY23, Chennai Petroleum’s net profit and net revenue are higher by 151.8% and 8.2%, respectively.

Average gross refining margin for the period April – December 2023 was $8.98 per barrel as against $ 11.70 per barrel in the April – December 2022 period.

Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 September 2023, Indian Oil Corporation held 51.89% stake in CPCL.