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Anand Rathi Report
With operational synergies with parent Indian Oil Corporation Ltd., the 10.5 million tonnes per annum Chennai Petroleum Corporation Ltd. is a pure play on refining.
It includes pooled sourcing of crude oil and bulk purchases through the latter (Indian Oil purchases over 90% of its output). The high refining-margin context and robust demand would support Chennai Petroleum’s de-levering to augment shareholder wealth.
The company has one of the best core performances in Indian refiners, which has a Nelson complexity of ~10.
Falling crude prices and discounted crude sourcing have reduced working capital and eased debt.
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Also Read: Petronet LNG Q3 Results Review - Dahej Utilisation Hit By Higher Spot LNG Price: Systematix
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