chennai petroleum share price: Chennai Petroleum tumbles over 15% as profit falls 99% QoQ

Shares of , a subsidiary of , tumbled 15.3% to Rs 198.30 in Thursday’s intraday trade after the company recorded a 99% sequential decline in standalone profit at Rs 27.88 crore in Q2FY23 as against Rs 2,358 crore in Q1 FY23, impacted by windfall tax on exports.

The standalone net profit slumped 57.4% to Rs 27.88 crore in Q2FY23 as against Rs 65.45 crore recorded in Q2 FY22.

Net sales of the company surged 120.3% to Rs 19,508.82 in the second quarter of September 2022 from Rs 8,856.06 crore posted in the corresponding quarter previous year.

Profit before tax of the firm stood at Rs 35.50 crore in Q2FY23, down 60.3% as against Rs 89.47 crore reported in Q2FY22.

The company’s total expenses surged 75.84% year-on-year (YoY) to Rs 22,870.80 crore during the quarter under review. The cost of raw materials consumed soared 132.42% YoY to Rs 18,842.33 crore in the second quarter of the financial year 2023.

At 10.54 am, the scrip was trading 11.47% lower at Rs 207.30 against the previous close of Rs 234.15. The stock has fallen over 13% in the last six months, while it has risen over 100% year-to-date.