Rs 55/share dividend announced, multi bagger PSU quarterly profit increased by 72%, shares up 16 percent

After the impressive results of Chennai Petroleum Corporation, its shares saw a stormy rise and it started trading at the level of Rs 1081 with an intraday gain of 16 percent.

Chennai Petroleum Corporation dividend
Rs 55/share dividend announced, multibagger PSU fourth quarter profit increased by 72%, shares up 16 percent
Chennai Petroleum Corporation, a public sector undertaking (PSU) of the refinery industry, on Wednesday announced a huge equity dividend (final) of Rs 55/- per share with a face value of Rs 10/- for the financial year 2023-24.
Chennai Petroleum Corporation Ltd had declared a dividend of Rs 27/share in the year 2023. After that, this is the highest dividend ever declared by Chennai Petroleum Corporation.

After the impressive results of Chennai Petroleum Corporation, its shares saw a stormy rise and it started trading at the level of Rs 1081 with an intraday gain of 16 percent.

Chennai Petroleum Corporation shares have given an attractive return of 309% to its investors in the last year.

Chennai Petroleum Corporation gave big dividend
The Board of Directors of the company has recommended an equity dividend (final) of 550% for the financial year 2023-2024. That is, a dividend of Rs 55/- will be given per equity share of face value of Rs 10. This will be subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company, wherein a final dividend of Rs. 10/- on each paid-up share capital shall be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend will be notified in due course.”

Further, the Board of Directors has recommended a preferential dividend of 6.65% on outstanding preferential shares of Rs 33.25 crore for the year 2023-2024.

Chennai Petroleum Corporation Q4 Results
The company announced an impressive 71.9% growth in its net profit to Rs 627.89 crore in the fourth quarter of FY 2024 as against Rs 365.28 crore in the December 2023 quarter.

Its revenue from operations was declared at Rs 20,822.95 crore in the fourth quarter, as against Rs 20, 453.94 crore declared in the December 2023 quarter and Rs 21350.005 declared in the March 2023 quarter. The PSU has also reported a 71.9% growth in its total income for the quarter ended March 31, 2024 at Rs 21,450.005 crore. Total Expenses for March 2024 quarter declared at Rs 19,982.92 crore as against Rs 19,975.37 crore in December 2023 quarter and Rs 19,964.20 crore in March 2023 quarter.

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Chennai Petroleum Corporation Share Returns

Chennai Petroleum Corporation shares have a 52-week high price of Rs 1083.00 (as on 24/04/2024) and a 52-week low price of Rs 256.90 per share (as on 25/04/2024).

Chennai Petroleum Corporation shares gained 19% in the last one-week alone. There has been a growth of 108% in the last 6 months. There has been a massive growth of 309% in the last year and a return of 955% in the last 3 years.

Chennai Petroleum Corporation

Chennai Petroleum Corporation Financials: Chennai Petroleum Corporation declared a net profit of Rs 627.89 crore for Q4 FY 2024, up 71.9%, as against Rs 365.28 crore declared in December 2023 quarter and Rs 1012.81 crore in March 2023 quarter. Its revenue from operations was declared at Rs 20,822.95 crore for Q4, as against Rs 20,453.94 crore declared in December 2023 quarter and Rs 21350.005 crore in March 2023 quarter. The PSU declared its total income for the quarter ended 31 March 2024 at Rs 20,826.44 crore, as against Rs 20456.42 crore declared in the December 2023 quarter and Rs 21,351.83 crore in the March 2023 quarter.

About CPCL:

CPCL, formerly known as Madras Refineries Limited (MRL), was formed in 1965 as a joint venture between the Government of India (GOI), Amoco, and the National Iranian Oil Company (NIOC). CPCL became a subsidiary of IOCL in 2001. The CPCL Manali Refinery is one of India’s most complex refineries with fuel, lubricant, wax, and petrochemical feedstock production facilities. CPCL serves the energy needs of the state of Tamil Nadu and parts of neighbouring states, according to its official website.

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