However, revenue from operations (excluding excise duty) fell 15.2% to Rs 16,544.56 crore in the quarter ended 30 September 2023 from Rs 19,508.82 crore recorded in the corresponding quarter previous year.

Profit before tax stood at Rs 1,587.86 crore in the second quarter of FY24 as compared to Rs 35.50 crore posted in Q2 FY23.

Total expenses declined 19.42% year on year to Rs 18,426.97 crore during the quarter. Cost of raw materials consumed stood at Rs 15,397.78 crore (down 18.28% YoY) while employee benefits expense was at Rs 135.76 crore (up 8.12% YoY).

During the period under review, crude throughput stood at 3.009 MMT, registering a growth of 4.59% from 2.877 MMT reported in the same period last year.

On half yearly basis, the company's net profit declined 27.1% to Rs 1,738.88 crore on 26.7% fall in net sales to Rs 31,289.36 crore in H1 FY24 over H1 FY23.

Average gross refining margin (GRM) for the period April 2023 to September 2023 was $10.34 per barrel as against $14.58 per barrel reported in April 2022 to September 2022.

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.

The scrip shed 1.60% to currently trade at Rs 525.80 on the BSE.