CPCL Q2 net profit jumps over threefold to ₹2,271 Cr; ₹25 interim dividend declared

Chennai Petroleum Corporation Ltd (CPCL) posted Q2 net profit of ₹2,271 crore. A year earlier it was ₹732 crore, so profit more than tripled. Revenue from operations was ₹22,109 crore, against ₹20,069 crore. The gross refining margin was $20.41 per barrel, against $9.04 a year earlier. The numbers come from the company's financial performance statement dated October 22.

Profit before tax was ₹3,032 crore, against ₹994 crore, first reported by The Hindu. The refinery processed 2.590 million tonnes of crude, a capacity utilisation of 98%. For the six months, revenue was ₹51,486 crore against ₹38,762 crore, and net profit was ₹3,288 crore against ₹675 crore, also first reported by The Hindu. H1 FY27 gross refining margin was $14.34 per barrel against $6.17, with 5.438 mt of crude processed at 103% utilisation, first reported by The Hindu BusinessLine.

H Shankar, Managing Director of CPCL, credited pricing. He said, "We got a good advantage due to the international pricing prevailing at that time. That added to our bottom line. We had very good tailwinds and caught the best timing, which supported our operations," as first reported by The Hindu BusinessLine. The refinery also took a planned 40-day shutdown of a major block, including the hydrocracker, from September to mid-October. Shankar said, "We maximised the value potential before taking the shutdown," per the same outlet.

For FY27, the board declared an interim payout of ₹25 on each ₹10 face-value equity share, first reported by The Hindu BusinessLine. CPCL's parent, Indian Oil Corporation, handles its crude sourcing. CPCL has also processed new grades from Ghana and Nigeria, and its H1 lube oil base stock output was its highest ever.