Chennai Petroleum Q2 profit at Rs 290.58 cr versus loss a year ago

Revenue drops to Rs 9,732.90 cr from Rs 12,191.97 cr; firm says demand for fuel products was lower during the current half year due to Covid related lockdown

Chennai Petroleum Corporation Limited, a subsidiary of Indian Oil Corporation, has reported a  profit of Rs 290.58 crore during the quarter ended September 30, 2020 as compared to a loss of Rs 212.7 crore, a year ago. 

Average Gross Refining Margin (GRM) during April to September was $9.70 per bbl as compared to $2.03 per bbl. GRM is higher mainly due to favourable increase in prices of crude and products.

Revenue dropped to Rs 9,732.90 crore from Rs 12,191.97 crore. The company said that demand for fuel products was lower during the current half year due to Covid related lockdown, resulting in lower crude throughput. The capacity utilisation gradually improved during the quarter.