Chennai Petroleum reports GRM of US$4.44/bbl in Q2FY23
News:
Chennai Petroleum Corp (a subsidiary of IOCL) reported revenue of Rs 22894.37 crore, up 75% YoY( down 17% QoQ) in Q2FY23. Crude throughput was 2.8 MMT, up 48% YoY (flat QoQ) and reported GRMs were at US$4.44/bbl. PAT was at Rs 27.88 crore, down 57% YoY (down 99% QoQ).
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Average company GRMs have fallen due to a decline in product cracks during the quarter. In our coverage universe, we expect OMCs and standalone refineries to report a weak set of numbers on the refining front for the quarter.
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