Chennai Petroleum's Profits Plunge Amidst Falling Refining Margins

Chennai Petroleum Corporation Ltd reported a 25% drop in net profit for the March quarter due to lower refining margins amid softening global oil rates. The company's full fiscal year net profit also saw a significant decline, with operational revenue remaining nearly flat.

Chennai Petroleum Corporation Ltd announced a significant 25% decrease in its net profit for the March quarter, attributed to declining refining margins as global oil prices soften.

According to a company filing, net profit fell to Rs 469.93 crore for January-March of the fiscal year 2024-25, from Rs 627.89 crore in the corresponding period the previous year. Revenue from operations remained largely stable at Rs 20,580.65 crore.

For the entire fiscal year ending March 2025, the company reported a drastic drop in net profit to Rs 173.53 crore compared to Rs 2,711.25 crore in 2023-24. The firm, a subsidiary of Indian Oil Corporation, also saw a decline in crude oil processing figures, reflecting the broader challenges faced by the industry.

(With inputs from agencies.)