Chennai Petroleum Corporation Ltd (CPCL) on Wednesday reported a 37.5 per cent drop in its December quarter net profit on fall in refining margin and windfall profit tax eroding margin.
Standalone net profit at Rs 142.95 crore in October-December 2022 compared with Rs 228.83 crore in the year-ago period, according to a company's stock exchange filing.
Revenue from operations was up 41 per cent at Rs 19,214.2 crore.
CPCL, a unit of Indian Oil Corporation (IOC), earned USD 5.66 on turning every barrel of crude oil into fuel such as petrol and diesel during the third quarter of current fiscal as compared to a gross refining margin of USD 7.25 per barrel in the same period the previous fiscal.
"The Government of India with effect from July 1, 2022, levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reckoned in the refinery transfer pricing.
"This has resulted in lower revenue realisations with significant impact on the profitability for and up to the quarter," CPCL said without giving details.
