CHENNPETRO · Oil Gas & Consumable Fuels
Chennai Petroleum Corporation Ltd. reported revenue of ₹12,925 cr for October to December 2024, −25.6% on the year and +6.9% on the quarter.
Operating profit (EBITDA) was ₹242 cr, a margin of 1.9%, −204 bps on the year and +746 bps on the quarter. Over the last 7 quarters the margin has ranged from −5.6% to 10.9%, averaging 3.9%. Operating costs grew −24.0%, faster than revenue at −25.6%, so operating profit grew less than sales.
Net profit was ₹21.0 cr, −94.2% on the year and — on the quarter, with earnings per share of ₹1.40. Profit before other income, one-offs and tax fell 98.1%, so 4 points of the headline growth came from outside the core business. The tax rate was 15% against an average of 26% over the previous 5 quarters, which lifted profit this quarter.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹25.00 over the last four quarters, the stock at ₹1,409.10 trades at 56.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹16,545 cr | ₹17,376 cr | ₹17,720 cr | ₹17,095 cr | ₹12,086 cr | ₹12,925 cr | ₹17,249 cr | ₹14,812 cr | ₹16,327 cr | ₹15,683 cr | ₹16,817 cr | ₹27,369 cr |
| YoY | — | — | — | +16% | −27% | −26% | −3% | −13% | +35% | +21% | −3% | +85% |
| EBITDA margin | 10.9% | 3.9% | 5.9% | 3.9% | −5.6% | 1.9% | 4.6% | 0.7% | 7.0% | 9.4% | 12.1% | 5.7% |
| Other income, % of PBT | 1% | 2% | 2% | 4% | — | 63% | 5% | — | 2% | 3% | 2% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 27% | 26% | — | 15% | 22% | — | 27% | 25% | 26% | 25% |
| Net profit | ₹1,195 cr | ₹365 cr | ₹628 cr | ₹357 cr | −₹634 cr | ₹21.0 cr | ₹470 cr | −₹40.0 cr | ₹719 cr | ₹1,002 cr | ₹1,422 cr | ₹1,031 cr |
| YoY | — | — | — | −36% | −153% | −94% | −25% | −111% | — | +4,671% | +203% | — |
| Core profit YoY | — | — | — | −38% | −156% | −98% | −32% | −119% | — | +14,211% | +228% | — |
| EPS | ₹80.28 | ₹24.53 | ₹42.17 | ₹23.98 | −₹42.55 | ₹1.40 | ₹31.56 | −₹2.69 | ₹48.30 | ₹67.26 | ₹95.48 | ₹69.26 |
| Flags | · | · | · | ✓ | 2 | 3 | ✓ | 2 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Chennai Petroleum Corporation Ltd. reported revenue of ₹12,925 cr (−25.6% on the year) and net profit of ₹21.0 cr (−94.2% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −98.1% on the year, against −94.2% for reported profit.
3 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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