Chennai Petroleum Corporation slumped 5.29% to Rs 51 after the company reported a consolidated net loss of Rs 1,624.73 crore in Q4 March 2020, higher than net loss of Rs 24.89 crore in Q4 March 2019.
Consolidated net sales in the fourth quarter declined 13.8% to Rs 8584.65 crore as against Rs 9956.75 crore reported in the corresponding period last year.
Chennai Petroleum Corporation reported a standalone net loss of Rs 1637.56 crore in Q4 March 2020 as compared to a net loss of Rs 29.33 crore in Q4 March 2019. Net sales in the fourth quarter declined 13.63% to Rs 8,609.51 crore as against Rs 9,968.43 crore reported in the corresponding period last year.
Average gross refining margin (GRM) dropped to $1.18 per barrel in Q4 March 2020 as compared to $3.70 per barrel in Q4 March 2019. The GRM was significantly impacted by inventory losses on account of steep fall in crude / product prices during the year end caused by the COVID-19 Pandemic situation.
In terms of Covid-19 related impact, Chennai Petroleum Corporation said that the offtake of petroleum products in April/May 2020 had been sluggish and accordingly, the capacity utilization had been low, which would be normalised based on turnaround of the situation.
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.
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