Net sales grew by 9.72% to Rs 18,008.89 crore in the quarter ended 31 March 2023 from Rs 16,413.57 crore recorded in the corresponding quarter previous year.

Sequentially, the company's net profit zoomed 602.48% and revenue increased by 12.17% in Q4 FY23.

The Government of India with effect from 1 July 2022, levied duties on export of petroleum products at rates notified on fortnightly basis, which have been reckoned in the Refinery Transfer Pricing. This has resulted in lower revenue realisations with significant impact on the profitability for and upto the quarter, said the company.

Profit before tax stood at Rs 1,387.64 crore in Q4 FY23, up 1.51% as against Rs 1,366.99 crore reported in Q4 FY22.

Total expenses rose 1.67% year on year to Rs 19,964.34 crore in fourth quarter of FY23. Cost of raw materials consumed stood at Rs 14,963.91 crore (up 2.56 % YoY) and employee benefits expense was at Rs 166.30 crore (up 28.3% YoY).

During the quarter, crude throughput stood at 2.952 MMT, rising 1.58% from 2.906 MMT reported in the same period last year.

Average gross refining margin (GRM) for the quarter stood at $12.48 per bbl as against $14.18 per barrel posted in the corresponding period a year ago, down 12% on a YoY basis.

On full year basis, the company's net profit zoomed 163.24% to Rs 3,533.81 crore in FY23 from Rs 1,342.42 crore reported in FY22. Net sales surged 76.91% year on year to Rs 76,734.7 crore in FY23.

Meanwhile, the company's board has recommended a final equity dividend of Rs 27 per equity share for FY23. Further, the board has also recommended a preference dividend of 6.65% on the outstanding preference shares amounting to Rs 33.25 crore for the year 2022-2023.

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 31 March 2023, Indian Oil Corporation held 51.89% stake in CPCL.