Chennai Petroleum tanks 10% on sharp plunge in Q1 sales and profit

Operating margin of Chennai Petroleum Corporation also contracted sharply to 5.3 percent in the June quarter from 12.4 percent a year ago.

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The Chennai Petroleum Corporation share price tanked 10 percent on July 25 after the company put up a poor earnings performance.

The company’s consolidated revenue fell 34 percent to Rs 17,985.67 crore in the June quarter as compared to Rs 27,449.52 crore reported a year ago, while its net profit plunged 76 percent on-year to Rs 556.5 crore, and EBITDA (earnings before interest tax depreciation and amortisation) declined 72 percent to Rs 949.87 crore. Its operating margin contracted sharply to 5.3 percent from 12.4 percent a year ago.

At 9:33am, shares of the company were trading 8.5 percent lower at Rs 404.5 on the BSE. In the past three months, the stock shot up 56 percent and rallied close to 100 percent year-to-date.

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Chennai Petroleum Corporation is in the business of refining crude oil to produce and supply various petroleum products and manufacture and sale of lubricating oil additives.

FIIs raised their stake in the company to 8.49 percent in June 2023 from 2.57 percent in September 2020, whereas DIIs trimmed their holding to 1.97 percent from 5.08 percent in the same period.

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