CHENNAI: Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil Corporation (IOC), on Wednesday reported 39 per cent drop in March quarter net profit on lower prices and foreign exchange loss.

Consolidated net profit of Rs 627.89 crore in January-March FY24 was lower than Rs 1,012.81 crore earning in the same period last year, according to a stock exchange filing of the company.

Revenue from operations was lower at Rs 20,822.95 crore as against Rs 21,350.05 crore in January-March FY23.

The company earned $8.64 on turning every barrel of crude oil into fuel in the year to March 31, 2024 as opposed to a gross refining margin of $11.91 per barrel in the previous year. Gross refining margin (GRM) for the quarter stood at $7.71 per barrel, compared to (-) USD 16.6 per barrel a year ago.

Also, the company booked a foreign exchange loss of Rs 15.84 crore during January-March as compared to a gain of Rs 27.56 crore a year ago.For the full fiscal, CPCL reported a net profit of Rs 3,693.69 crore as compared to Rs 4,806.42 crore in FY23. The company declared a final dividend of Rs 55 per equity share, resulting in a total payout of Rs 819 crore.