Chennai Petro rises after turnaround Q4 performance

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Chennai Petroleum Corporation jumped 4.44% to Rs 114 after the company reported a standalone net profit of Rs 231.79 crore in Q4 FY21 as against net loss of Rs 1637.56 crore in Q4 FY20.

Net sales during the quarter increased 1.5% year-on-year (YoY) to Rs 8,737.24 crore during the quarter.

Other income includes exchange gain of Rs 22.10 crore for the quarter ended March 2021 compared with exchange loss of Rs 77.14 crore for the quarter ended March 2020.

The company reported a pre-tax profit of Rs 332.95 crore in Q4 March 2021 as against a pre-tax loss of Rs 2388.06 crore in Q4 March 2020.

Chennai Petro recorded a net profit of Rs 237.56 crore in the year ended 31 March 2021 compared with net loss of Rs 2077.58 crore in the year ended 31 March 2021. Net sales declined 39.6% to Rs 22444.76 crore in FY21 over FY20.

Average gross refining margin (GRM) for the period April-March 2021 was $7.14 per barrel compared with negative margin of $1.18 per barrel in April-March 2020.

Chennai Petroleum Corporation refines crude oil and markets petroleum and petrochemical products, including lube oil base stocks, aviation turbine fuel, propane, propylene and polybutene feedstock. The group operates two refineries, the Cauvery Basin refinery and the Manali refinery. Indian Oil Corporation held 51.89% stake in the company as on 31 March 2021.

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