Chennai Petroleum back in black with ₹232 crore Q4 net

Chennai Petroleum Corporation Ltd.’s reported standalone net profit stood at ₹232 crore for the fourth quarter ended March against a net loss of ₹1,638 crore in the year-earlier period. Revenue from operations rose 24.7% to ₹14,705 crore, it said in a statement. For FY21, the firm posted a profit before tax of ₹1,277 crore against a loss of ₹3,016 crore in the year-earlier period.

However, better operational performance together with inventory gains on account of increase in crude and product prices has helped to overcome the above challenges. The average gross refining margin (GRM) for the period April to March 2021 is $7.14 per barrel as against negative GRM of $1.18 per bbl during 2019-20, it said.

On the status of a new refinery of 9 MMTPA capacity at Nagapattinam, CPCL said it will be implemented in joint venture with IOCL.

This new refinery will produce petrol and diesel of BS-VI specifications and polypropylene as a value added product, at a cost of ₹31,580 crore. Further investment of about ₹4,000 crore will come from other stake holders on Build Own and Operate basis.

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