: Chennai Petroleum Corporation
Ltd, a group company of IndianOil, on Wednesday recorded a standalone net loss at Rs 1,637.56 crore following the impact on its gross refining margin (GRM) due to steep fall in crude oil prices and COVID-19 pandemic during the year.
The city-based company has registered net loss at Rs 29.33 crore during corresponding quarter previous year.
For the year ending March 31, 2020, the net loss was at Rs 2,077.58 crore as against a net loss of Rs 213.36 crore recorded previous year.
Total income for the January-March 2020 quarter slipped to Rs 11,794.25 crore from Rs 12,776.83 crore registered year ago.
For the year ending March 31, 2020, total income was at Rs 48,729.04 crore as against Rs 52,259.95 crore.
The company said the average Gross Refinery Margin for the period April-March 2020 was at USD 1.18 per barrel as compared to USD 3.70 per barrel in April-March 2019.
"The GRM 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," the company said.
The off-take of petroleum products in April-May 2020 was sluggish due to the COVID-19 related impact at its refineries, it said.
. Accordingly, the capacity utilisation (at its refineries) has been low, which would be normalised based on the 'turn around' of the situation, it added.
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