Chennai Petroleum Corp. Ltd. reported lower profit and operating margin for the June quarter on a sequential basis, even as revenue increased sharply.
Standalone net profit declined 27% quarter on quarter to Rs 1,017 crore in the quarter ended June, compared with Rs 1,400 crore in the preceding quarter, the company said in an exchange filing on Thursday. Revenue rose 43.5% to Rs 27,370 crore from Rs 16,817 crore in the March quarter.
The announcement erased shares of the company and dragged the stock lower by as much as 9.8%, the most in nearly a year, to Rs 1,180. India's benchmark NSE Nifty 50 traded 0.7% lower.
Chennai Petroleum Q1 Results Key Highlights (Standalone, QoQ)
- Revenue up 43.5% to Rs 27,370 crore versus Rs 16,817 crore.
- EBITDA down 23.6% to Rs 1,555 crore versus Rs 2,036 crore.
- EBITDA margin at 5.7% versus 12.1%.
- Net profit down 27% to Rs 1,017 crore versus Rs 1,400 crore.
The company said it recognised additional revenue of Rs 385.21 crore during the quarter relating to supplies made in March 2026 after a retrospective revision in the prices of certain petroleum products with effect from March 16, 2026.
Chennai Petroleum also said its average gross refining margin for the April-June quarter stood at $8.78 per barrel, compared with $3.22 per barrel a year earlier. The company said the GRM excludes the additional revenue recognised from the retrospective price revision as it relates to the previous financial year.
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