Chennai Petroleum hits new low
By
Research Desk
about 11 years ago
Chennai Petroleum hit a new 52-week low today at Rs.101 and it continues to hover around the same level, down over 3%.
The stock is down after a set of disappointing numbers for Q4FY13. It posted a net loss of Rs.393 crore, down from the loss of Rs.465 crore in Q3 but certainly worse off than the net profit of Rs.107 crore for Q4FY12. It has ended the fiscal with a whopping Rs.1767 crore net loss compared to a net profit of Rs.62 crore in Fy12.
Its gross refining margin (GRM) which is the difference between crude price and value of petro products it produces, was down sharply from $4.46/barrel to a meager $0.80/barre (YoY)l. This is a huge fall compared to GRM of 1.56/barrel in Q3 and US$ 4.6/barrel.