CHENNAI PETROLEUM

Chennai Petroleum had hit a new 52-week on the back of its very good numbers. It posted an almost 3 times jump in net profit for Q3FY17 at Rs.291 crore (QoQ) despite a 0.9% drop in total income at Rs.10,623 crore.  YoY, thanks to the lower bas effect, the company’s performance is jaw dropping, with 16 times jump in net profit and 56% increase in total income.

Sequentially, the company’s EBITDA came in at Rs.538 crore, up 110% and margins improved from 2.4% to 5.1% (qoQ). Costs were down 3.5% and interest outgo too came down by 20%. The crude throughput was down 11% at 2.598 MMT v/s 2.930 MMT (QoQ). Gross Refining Margin (GRM) for 9MFY17 was at $5.81/bbl v/s $5.36/bbl.

The company’s net profit for 9MFY17 was at Rs.859 crore, way ahead already of FY16 net profit of Rs.746 crore. Equity is at Rs.149 crore and annualized EPS is at Rs.80 (FV of Rs.10).