Net sales surged to 183.6% to Rs 23,162.55 crore for the quarter ended 30 June 2022 as against Rs 8,166.46 crore recorded during the same period in the previous year.

The company reported profit before tax of Rs 3,199.30 crore in Q1 FY23, steeply higher than Rs 73.85 crore in reported in Q1 FY22.

Total expenses spiked 90.6% to Rs 24,254.16 crore in Q1 FY23 over Q1 FY22. Cost of raw materials consumed soared 141.66% YoY to Rs 18,532.35 crore in Q1 FY23.

Crude throughput in Q1 FY23 stood at 2.882 MMT, rising 41.62% from 2.035 MMT in Q1 FY23. Average gross refining margin (GRM) for Q1 FY23 stood at $25.04 per bbl as against $5.68 per barrel in the corresponding period last year, up 340.85% on a YoY basis.

On the margins front, the company's operating margin improved to 14.11% in Q1 FY23 as compared with 2.15% recorded in the corresponding quarter last year. Net profit margin increased to 10.18% in Q1 FY23 from 0.67% recorded in Q1 FY22.

Chennai Petroleum Corporation refines crude oil and markets petroleum and petrochemical products. State-run Indian Oil Corporation held 51.89% stake in the company as on 30 June 2022.