State-owned refiner Chennai Petroleum Corporation Ltd. (CPCL) , which posted a loss of ₹2,078 crore in FY20, has planned several initiatives for the current fiscal to improve its operational performance, said a top official.
CPCL posted a pre-tax profit of ₹430 crore in the first quarter following improvement in crude prices though product margins continued to remain below the economic level and demand was only 70-75% of the normal. “We expect the demand to significantly improve by Q3 of FY21,” Chairman S.M. Vaidya told shareholders at the annual general meeting.
“CPCL has initiated many measures to improve profitability and reduce operating costs and with good physical performance combined with these new measures, we are confident of better financial performance in the current fiscal,” he said.
As part of measures to improve margin realisation, a naphtha splitter was