Chennai: State-run Chennai Petroleum Corporation Ltd. (CPCL) on Friday reported a 25% decline in net profit for the March quarter of FY 2024–25, citing reduced refining margins due to falling global crude oil prices.
According to the company’s stock exchange filing, consolidated net profit for the January-March quarter stood at ₹469.93 crore, down from ₹627.89 crore during the same period last year. Operating revenue for the quarter remained largely flat at ₹20,580.65 crore.
For the full fiscal year, CPCL’s net profit saw a steep decline, dropping from ₹2,711.25 crore in FY 2023–24 to just ₹173.53 crore in FY 2024–25. The company attributed the fall to a significant reduction in gross refining margin (GRM), which slipped to USD 4.22 per barrel from USD 8.64 per barrel in the previous fiscal.
Despite the earnings drop, CPCL’s Board of Directors recommended a final equity dividend of 50% – amounting to ₹5 per equity share of face value ₹10 – for the financial year 2024–25, subject to shareholder approval at the upcoming Annual General Meeting (AGM). The final dividend will be paid within 30 days of its declaration at the AGM, with the record date to be announced later.
Additionally, the Board proposed a 6.65% preference dividend on outstanding preference shares, amounting to ₹33.25 crore for FY 2024–25.
CPCL, a key player in India’s refining sector, continues to navigate volatility in crude oil markets while maintaining operational stability.
