Chennai Petro reported net profits of Rs.271.63 crore for the Jun-20 quarter as compared to a net loss at Rs.233.41 crore in the Jun-19 quarter. The company had reported a net loss of Rs.2078 crore for the fiscal year 2020. However, Chennai Petro saw its total revenues for the quarter more than halve to Rs.5986. CPCL is a subsidiary of Indian Oil Corporation.

Overall, the crude output for the Jun-20 quarter was sharply lower due to lower demand for petroleum products in the midst of the pandemic slowdown. The average gross refining margin in the Jun-20 period stood at $11.94/bbl compared to $1.41/bbl last year. This was largely driven by a favorable positive move in crude prices in the Jun-20 quarter.