Chennai Petroleum Gains Over 8% Intra-day After Its Revenue Jumps 114% YoY

Shares of refining company Chennai Petroleum in intra-day trade spurted over 8% after the company announced good quarterly results.

The subsidiary of IOCL) reported revenue of Rs. 27449.5 crore, up 114% YoY in Q1FY23. Crude throughput was 2.8 MMT, up 42% YoY and reported GRMs stood at US$ 25/bbl. PAT was Rs. 2358.8 crore, up 42x YoY.

As per the brokerage firm ICICI Direct this shall have a positive impact on the firm. Further it added, "he company has reported healthy GRMs amid rise in product cracks during the quarter. In our coverage universe, we expect OMCs and standalone refineries to
report strong set of numbers on refining front for the quarter".

Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL) was formed as a joint venture in 1965 between the Government of India (GOI), AMOCO, and National Iranian Oil Company (NIOC). The present shareholders are IOCL, NICO, and others holding 51.89%,15.40%,32.71% shares respectively.

Last at around 10:34 am, the stock traded higher by over 2% at Rs. 286.55.