The 49th Annual General Meeting (AGM) of Chennai Petroleum Corporation Limited (CPCL), a group company of IndianOil, was held in Chennai on 07.09.2015. Mr.B.Ashok, Chairman, IndianOil Group Companies, Mr.Gautam Roy, Managing Director, CPCL, Mr.Sanjiv Singh, Director (Refineries), IOCL and Director on the Board of CPCL, S.Venkataramana, Director (Operations), Mr.U.Venkataramana, Diector (Technical), Mr.Krishna Prasad, Director (Finance), Directors on the Board of CPCL, Mr. G.Ramasamy, Independent Director, Mr.Raju Ranganathan, ED (CS & Law), representing IOCL and Mr.P.Shankar, Company Secretary, were present.

Addressing the shareholders, the Chairman said CPCL achieved a highest ever crude throughput of 10.782 MMT during the year 2014-15 as compared to 10.624 MMT during the previous year, with Manali Refinery achieving the highest-ever throughput of 10.251MMT. Despite achieving good physical performance, CPCL was constrained to post a net loss of Rs.38.99 crore which was however much lesser than the loss of Rs.303.85 crore incurred in the previous year. This was mainly due to the huge inventory loss incurred on product and crude oil due to the continuously falling prices during the year. The gross turnover during the year was Rs.47,877.82 crore, as compared to Rs.53,923.70 crore in the previous year, again due to the steep fall in crude oil and petroleum product prices.

CPCL achieved a turnover of Rs.11,386 Crore for the first quarter ending with June 2015 as compared Rs.14,222 Crore in the corresponding period during the previous year. The reduction in turnover is mainly due to the sharp fall in prices of petroleum products from the second half of the year 2014-15.

However, the Chairman was optimistic about the financial year 2015-16. CPCL earned a higher Gross Refining Margin (GRM) of US$ 10.09 per bbl during the first quarter of 2015-16 as against US$ 1.88 per bbl during the same period last year as the product cracks have improved over the previous year coupled with continued strong physical performance. CPCL posted a Profit Before Tax of Rs.924 Crore, as compared to the loss of Rs.193 Crore incurred during the first quarter of previous year. The Profit After Tax increased by 81% on a Quarter-to-Quarter basis from Rs 510 Crore to Rs.924 Crore.