CPCL net profit grows to Rs 365 crore

Company to issue 100 crore non-convertible shares to IOCL

Chennai Petroleum Corporation Ltd (CPCL), a subsidiary of Indian Oil Corporation Ltd (IOCL), posted a net profit of Rs 364.57 crore for the quarter ended March 31, 2015.

Net profit was Rs 49.81 crore during the same period last fiscal.

The total income dropped 33.85% to Rs 8,823.98 crore during the quarter, as against Rs 13,339.68 crore registered during the corresponding quarter of the previous fiscal year.

The Board of Directors of the company have decided to issue 100 crore non-convertible cumulative redeemable preference shares of Rs 10 each, in more than one tranche, to the holding company IOCL.

The net loss for the fiscal year 2014-15 was Rs 38.99 crore, as compared to the net loss of Rs 303.85 crore during 2013-14.