Chennai Petroleum (500110) Q2 24/25 earnings summary

Executive summary

• Audited standalone and consolidated financial results for the quarter and half-year ended September 30, 2024, were approved by the Board and carry an unmodified audit opinion.

• The company operates solely in the petroleum sector, with reporting on a single segment basis.

Financial highlights

• Standalone revenue from operations for Q2 FY25 was ₹14,424.86 crore, down from ₹20,009.70 crore in Q2 FY24; H1 FY25 revenue was ₹34,786.03 crore versus ₹37,995.37 crore in H1 FY24.

• Standalone net loss for Q2 FY25 was ₹635.38 crore, compared to net profit of ₹1,190.56 crore in Q2 FY24; H1 FY25 net loss was ₹294.45 crore versus net profit of ₹1,738.88 crore in H1 FY24.

• Consolidated revenue from operations for Q2 FY25 was ₹14,424.72 crore, with a consolidated net loss of ₹639.58 crore; H1 FY25 consolidated net loss was ₹284.17 crore.

• Average Gross Refining Margin for April–September 2024 was $2.93/bbl, sharply lower than $10.34/bbl in the same period last year.

• Earnings per share (EPS) for Q2 FY25 was negative ₹42.27 (standalone) and negative ₹42.56 (consolidated).

Outlook and guidance

• The 9 MMTPA refinery project at Cauvery Basin Refinery, Nagapattinam, is progressing through a joint venture, with related assets and liabilities classified as held for transfer.