Chennai Petroleum Jumps 20% Post Q2 Results

On Thursday, shares of Chennai Petroleum Corporation Limited rose as much as 20 percent reacting to the company's September ended quarter results.

The group company of IOC reported a net profit of Rs 290.58 crore for the second quarter of the financial year 2020-21 when compared to a loss of Rs 212.7 crore in the same period a year ago.

Its revenue declined to Rs 9,732.90 crore from Rs 12,191.97 crore in the September 2019 ended quarter, because of lower demand for fuel products during the first half of the financial year due to COVID related lockdown, resulting in lower crude throughput.

Average Gross Refining Margin (GRM) from April to September was higher at $9.70 per bbl against $2.03 per bbl, mainly due to favourable increase in prices of crude and products.