However, revenue from operations (excluding excise duty) fell 26.9% to Rs 12,086.54 crore in the quarter ended 30 September 2024 from Rs 16,544.56 crore recorded in the corresponding quarter previous year.

The firm reported a pre-tax loss of Rs 857.37 crore in the second quarter of FY25 compared with profit before tax of Rs 1,587.86 crore posted in same period a year ago.

Total expenses declined 16.94% YoY to Rs 15,304.90 crore during the quarter. Cost of raw materials consumed stood at Rs 11,638.58 crore (down 24.41% YoY) while employee benefits expense was at Rs 115.88 crore (down 14.64% YoY).

During the period under review, crude throughput stood at 2.098 MMT, registering de-growth of 31.19% from 3.049 MMT reported in the same period last year.

On half yearly basis, the company reported net loss of Rs 286.89 crore in H1 FY25 as against net profit of Rs 1,738.88 crore in H1 FY24. Net sales declined 6.7% YoY to Rs 29,181.52 crore in the half year ended 30 September 2024.

Average gross refining margin (GRM) for the period April 2024 to September 2024 was $2.93 per barrel as against $10.34 per barrel reported in April 2023 to September 2023.

Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 September 2023, Indian Oil Corporation held 51.89% stake in CPCL.