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HDFC Securities Retail Research
Chennai Petroleum Corporation Ltd. is largest refinery in south India with a total installed capacity of 10.5 million tonnes per annum.
Considering the strategic importance of CPCL's refinery in the southern India, expansion plan and strong promoter back ground, we believe the financial performance could improve in the medium term.
Singapore gross refining margins have improved in November/December after falling sharply between July and November 2022. The company's ongoing enhancement projects and expectation of sustained bounce back in GRM could lead to strong earning visibility and return on equity improvement going forward.
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