Chennai Super Stock: Chennai Petro Corp hits 10 per cent upper circuit

The company is one of the leading gainers in the A group.

Chennai Petroleum Corp Ltd, engaged in refining and oil marketing business, has jumped by 10 per cent from its previous close of Rs 253.85, thereby hitting the upper circuit. The stock opened at Rs 267 and the trading has been halted at Rs 279.20 which is also its fresh 52-week high. It was today’s one of the Top Gainers from the A group.    

This sharp bull rally has come on the back of robust Q4 and FY22 numbers. For the quarter ended March, the company reported high growth of 42.8 per cent YoY in revenues to Rs 20,997 crore. The EBITDA exploded by 202.9 per cent YoY to Rs 1,581. The net profit stood at Rs 994.36 which witnessed a growth of 329 per cent YoY. 

Fiscal 2022 has like been no other for the Chennai company. The topline jumped by 169 per cent while the bottomline increased multifold by 5.78 times from Rs 231.7 crore in FY21 to Rs 1,336.4 crore in FY22.    

Chennai Petroleum Corp Ltd was formed as a joint venture in 1965 between the Government of India (GOI), AMOCO and National Iranian Oil Company (NIOC). It has two refineries and is one of the most complex refineries in the country with Fuel, Lube, Wax and Petrochemical feedstocks production facilities. 

The stock has a 52-week high and low of Rs 279.20 and Rs 94.65, respectively.