Chennai Petroleum Corporation Limited has informed the Exchange about Transcript
CHENNPETRO · price
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CPCL held its Q4 FY25 earnings call on May 2, 2025. Full-year GRM was $4.22/barrel versus $8.64/barrel last year, but still beat the Singapore benchmark of $3.79/barrel; Q4 GRM was $6.22/barrel versus Singapore's $3.1/barrel. Crude throughput reached 10.45 MMT for the year (99.5% capacity) with Q4 at 113% capacity. The Board recommended a Rs 5/share dividend (50% of face value), down from last year due to softer international product cracks. CAPEX for FY25 was Rs 673 crores, and management guided to Rs 250-300 crores/year maintenance CAPEX plus Rs 400-500 crores/year for the upcoming LOBS (Lube Oil Base Stock) project over the next two years. The Cauvery Basin Refinery JV with IOCL awaits CCEA approval, with revised cost of Rs 36,354 crores for 9 MMT capacity at a 2:1 debt-equity ratio. CPCL highlighted upgrades to Schedule-A CPSE status, lowest-ever Energy Intensity Index of 87.4, trial production of pharma-grade hexane and SAF, and an S&P Global ESG score of 46.
Mixed picture for shareholders — operational efficiency remains best-in-class with consistent GRM premiums over Singapore benchmarks, but lower product cracks drove a sharp profit fall and a reduced dividend. The LOBS project, CBR JV progress, and scheduled lower shutdown impact in FY26 are near-term positives, though management acknowledged that near-term margin recovery is largely dependent on volatile global cracks which they cannot forecast.