Chennai Petroleum Corporation Ltd.'s profit rose in the fourth quarter of fiscal 2024.
The net profit of the petroleum product producer rose 72% quarter-on-quarter to Rs 628 crore in the quarter-ended March 31, 2024, according to an exchange filing on Wednesday.
Chennai Petroleum Q4 Highlights (Consolidated, QoQ)
Revenue up 2% at Rs 17,720 crore
Ebitda up 53% at Rs 1,042 crore
Margin expands 196 bps to 5.87% vs 3.91%
Net profit up 72% at Rs 628 crore
Chennai Petroleum Corporation's crude throughput rose 9.12% sequentially to 3.09 million tonnes compared to 2.83 million tonnes in the previous quarter.
The company's total borrowings for FY24 stood 31.2% lower at Rs 1,427 crore compared to Rs 2,076.3 crore as of FY23.
The scrip rose as much as 14.92% to Rs 1,066.65 apiece, the highest level. It pared gains to trade 14% higher at Rs 1,058 apiece as of 1:13 p.m. This compares to a 0.36% advance in the NSE Nifty 50.
It has risen 51.92% on a year-to-date basis and 249% in the last twelve months. Total traded volume on the NSE so far in the day stood at 9.78 times its 30-day average. The relative strength index was at 70.74.
Out of the four analysts tracking the company, two maintain a 'buy' rating and two suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a upside of 41.7%.
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