Chennai Petroleum Corporation Ltd. (CPCL) has reported a standalone net loss of ₹233.41 crore for the first quarter ended June 2019 compared with a net profit of ₹156.02 crore a year earlier, due to high input costs.
The average Gross Refining Margin (GRM) for the quarter was $1.41 per bbl against $7.11 per bbl a year earlier. The decline in GRM is due to significantly lower product cracks and inventory losses on account of a steep fall in crude/product prices during the quarter against inventory gains a year earlier, said CPCL in a regulatory filing. For the quarter, the company reported revenue from operations of ₹12,724 crore against ₹12,356 crore.
