Chennai Petroleum Corporation Limited (CPCL) earned more standalone profit than Mangalore Refinery and Petrochemicals Limited (MRPL) in the September quarter, while MRPL reported higher standalone revenue.
CPCL’s audited filing showed standalone profit after tax of ₹2,271.29 crore for the quarter ended Sept. 30, up from ₹731.55 crore a year earlier. MRPL’s standalone net profit was ₹1,880.89 crore, compared with ₹638.67 crore. CPCL’s standalone results were audited; MRPL’s standalone results were unaudited and reviewed by its statutory auditors.
Standalone revenue from operations rose at both refiners. MRPL recorded ₹35,590.40 crore, up from ₹25,953.34 crore in the year-earlier quarter; CPCL reported ₹22,055.45 crore, versus ₹20,033.62 crore. On a consolidated basis, CPCL’s profit was ₹2,247.03 crore, compared with ₹719.19 crore a year earlier. MRPL’s consolidated profit was ₹1,900.76 crore, up from ₹627.36 crore; its consolidated quarterly results were unaudited.
CPCL declared an interim dividend of ₹25 per ₹10-face-value share, with Oct. 30 as the record date. MRPL declared ₹3 per ₹10-face-value share and set Oct. 21 as its record date. The per-share amounts alone do not establish which company has the higher dividend yield.
CPCL said its gross refining margin averaged US$20.41 per barrel, compared with US$9.04 a year earlier. It processed 2.590 million metric tonnes of crude and operated at 98% of capacity despite planned maintenance at one crude unit. MRPL recorded a provisional exceptional loss of ₹118.76 crore after a Sept. 30 fire at its Coker Hydrotreater unit. The company said the affected assets were insured and that it would review the loss in a subsequent reporting period.
LiveMint reported that Bonanza research analyst Nitant Darekar expects margins could ease if diesel cracks normalize. He said refinery earnings would also depend on plant utilization and whether projects proceed on schedule.
CPCL said dividend payment is due on or before Nov. 21; MRPL said payment is due on or before Nov. 24.
