Chennai Petro hits 52-week high after robust Q4 outcome

Chennai Petroleum Corporation (CPCL) hit an upper circuit limit of 10% at Rs 263.35 after the company's consolidated net profit surged 314.05% to Rs 1001.92 crore on 87.86% rise in net sales to Rs 16413.57 crore in Q4 March 2022 over Q4 March 2021.

On a consolidated basis, profit before tax (PBT) jumped 300.56% year-on-year to Rs 1,374.49 crore in Q4 March 2022. Cost of raw materials consumed surged 73.54% to Rs 14590.33 crore during the quarter.

For the full year, net profit soared 425.55% to Rs 1352.03 crore on 93.25% rise in net sales to Rs 43375.38 crore in the year ended March 2022 over the year ended March 2021. PBT jumped 42.05% to Rs 1,841.25 crore in FY22.

 

Further, the board recommended a dividend of Rs 2 per share for the Financial Year 2021-2022.

On a standalone basis, CPCL's net profit surged 329% to Rs 994.42 crore on 87.9% increase in net sales to Rs 16,413.57 crore in in Q4 FY22 over Q4 FY21.

Crude throughput in Q4 FY22 stood at 2.906 MMT, rising 10.12% from 2.639 MMT in Q4 FY21. Average gross refining margin (GRM) for Q4 FY22 stood at $14.18 per barrel as against $6.40 per barrel in the corresponding period last year, up 121.56% on a YoY basis.

Shares of CPCL were currently frozen at the 52-week high level.

CPCL operates in downstream petroleum sector. It produces an array of value-added petroleum products. The company has two refineries. The Manali Refinery located at North Chennai has a capacity of 10.5 MMTPA. CPCL's second refinery is located at Cauvery Basin at Nagapattinam. The initial unit was set up with a capacity of 0.5 MMTPA in 1993 and later revamped to 1.0 MMTPA. State-run Indian Oil Corporation holds 51.89% in the company.

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