Chairman announces Q1 results of CPCL in Chennai

Mr.B.Ashok, Chairman, IndianOil Group Companies, announced the financial and physical performance results of Chennai Petroleum Corporation Limited at a Pressmeet in Chennai on 10.08.2015.  Mr.Sanjeev Singh, Director (Refineries), IOCL, Mr.Gautam Roy, Managing Director, Mr.S.Venkataramana, Director (Operations), Mr.Krishna Prasad, Director (Finance), Mr.U.Venkataramana, Director (Technical), were present on the occasion.

 Financial Performance

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, 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.

Physical Performance

CPCL achieved the highest ever Crude thruput of 2843 Thousand Metric Tonnes (TMT) for the first quarter of 2015-16 as compared to 2819 TMT in the corresponding quarter of the previous year.  The Total Distillates production was also the highest at 74.3% during the first quarter of 2015-16 as compared to 71.3% in the first quarter of last year.

In addition, CPCL has also initiated a number of Energy Conservation schemes with an objective to reduce  internal fuel consumption  which will contribute  to bottom line on recurring basis. It may be noted that during the year 2014-15, CPCL saved about 13,100 tonnes of fuel (approx. 0.12% of thruput) by implementing various Energy Conservation schemes.