Chennai Petroleum Corporation Ltd (CPCL) on Monday reported a Rs 556.44 crore loss in the December quarter due to lower refinery run and tax expenses.
CPCL had reported a Rs 290.58 crore profit in the same period a year back, the company said in a stock exchange filing.
Revenue from operations fell to Rs 11,458.32 crore in the third quarter of the current fiscal, from Rs 11,965.01 crore a year back.
CPCL owns and operates 10.5 million tonnes a year of oil refining capacity near Chennai.
It converts crude oil into fuels such as petrol and diesel.
While fall in international oil prices meant the cost of materials consumed fell by over 35 per cent to Rs 5,470.08 crore, CPCL’s excise duty payout almost doubled to Rs 5,578.39 crore. It did not give reasons.
"The demand for fuel products was lower during the first half-year due to COVID related lockdown, resulting in lower crude thruput (refinery run). The capacity utilisation gradually improved during the current quarter (October-December),” the firm said in notes to the accounts.
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