Chennai Petroleum (500110) Q4 24/25 earnings summary

Executive summary

• Achieved crude throughput of 10.45 MMT for FY25, 99.5% of installed capacity, despite a major turnaround; Q4 throughput was 2.974 MMT, 113% of capacity.

• Audited standalone and consolidated financial results for the quarter and year ended 31 March 2025 were approved, with unmodified opinions from auditors.

• Upgraded to Schedule A Central Public Sector Enterprise, providing greater operational autonomy.

• Introduced pharma-grade hexane and conducted a trial run of Sustainable Aviation Fuel (SAF), expanding into new product markets.

• Maintained 1,884 fire-free days as of March 31, 2025, highlighting strong safety performance.

Financial highlights

• FY25 gross refining margin (GRM) was $4.22/bbl, down from $8.64/bbl in FY24, but above the Singapore benchmark of $3.79/bbl.

• Q4 FY25 GRM was $6.22/bbl, compared to $7.7/bbl in Q4 FY24 and a Singapore benchmark of $3.1/bbl.

• Standalone revenue from operations for FY25 was Rs. 71,049.91 Cr, down from Rs. 79,272.25 Cr in FY24; consolidated revenue was Rs. 71,049.95 Cr, down from Rs. 79,272.54 Cr.

• Standalone net profit for FY25 was Rs. 1,165.19 Cr, a sharp decline from Rs. 4,112.38 Cr in FY24; consolidated net profit was Rs. 1,438.38 Cr, down from Rs. 4,234.34 Cr.

• Board recommended a dividend of INR 5 per share (50% of face value), subject to AGM approval.

Outlook and guidance

• Maintenance CapEx for the next two years projected at INR 250–300 crore annually; with LOBS project, CapEx could rise to INR 700–800 crore per year.

• CapEx for FY25 was INR 673 crore; maintenance CapEx expected to remain in the INR 200–250 crore range.

• Operational focus remains on fuel efficiency, capacity utilization, and value-added product development.

• Expecting improved throughput in FY26 as maintenance shutdown impact will be lower than FY25.

• No deviation or variation in utilization of funds raised through NCDs; all proceeds used as intended.