Chennai Petroleum reports GRM of US$ 25/bbl in Q1FY23
News: Chennai Petroleum Corp (a subsidiary of IOCL) reported revenue of Rs 27449.5 crore, up 114% YoY in Q1FY23. Crude throughput was 2.8 MMT, up 42% YoY and reported GRMs stood at US$ 25/bbl. PAT was Rs 2358.8 crore, up 42x YoY.
Views: The company has reported healthy GRMs amid rise in product cracks during the quarter. In our coverage universe, we expect OMCs and standalone refineries to report strong set of numbers on refining front for the quarter.