Revenue from operations (excluding excise duty) dropped 36.3% to Rs 14,744.80 crore in the quarter ended 30 June 2023 from Rs 23,162.55 crore recorded in the corresponding quarter previous year.

Profit before tax stood at Rs 747.44 crore in the first quarter of FY24, down 76.6% as compared to Rs 3,199.30 crore posted in Q1 FY23.

Total expenses declined 28.91% year on year to Rs 17,240.38 crore during the quarter. Cost of raw materials consumed stood at Rs 12859.78 crore (down 30.61% YoY) and employee benefits expense was at Rs 145.31 crore (up 6.81% YoY).

During the period under review, crude throughput stood at 2.677 MMT, registering a de-growth of 7.11% from 2.882 MMT reported in the same period last year.

Average gross refining margin (GRM) for the quarter stood at $8.33 per bbl, down 66.73% as against $25.04 per barrel posted in the corresponding period a year ago.

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