Chennai Petroleum Corporation Ltd. (CPCL) has reported its financial results for the quarter ending September 30, 2024, highlighting a significant decline in key financial metrics.
Revenue from operations for the quarter stood at ₹14,424.72 crore, a sharp decrease of 28.2% compared to ₹20,093.86 crore in the same quarter last year. Total income, which includes other income of ₹4.39 crore, came in at ₹14,429.11 crore, marking a 27.9% decline from ₹20,012.13 crore in Q2 FY24.
On the expenses front, total expenses for the quarter were ₹15,304.80 crore, down by 16.9% from ₹18,427.03 crore in the corresponding period last year. The cost of materials consumed stood at ₹11,638.48 crore, a decrease of 24.4% from ₹15,397.84 crore in the previous year’s quarter.
The company’s net loss (profit/loss for the period) was ₹633.69 crore, a dramatic shift from a net profit of ₹1,195.41 crore in the same quarter last year, indicating a 152.9% drop in profitability. The loss before tax for the quarter was ₹861.57 crore, compared to a profit of ₹1,592.71 crore in Q2 FY24, reflecting a negative change of 154.1%.
Additionally, CPCL’s earnings per share (EPS) fell sharply to ₹-42.56 for this quarter, compared to ₹80.28 in the same quarter of the previous year, representing a decline of 153.0% in EPS.
The steep declines in revenue, profit, and earnings per share indicate a challenging quarter for CPCL, as the company faced significant pressures on its margins and operational efficiency.
