Rs 55/Share Dividend Announced: Multibagger Refineries PSU Declares 72% Jump In Q4 Profit

Public sector undertaking (PSU) from the refineries industry Chennai Petroleum Corporation today declared a massive equity dividend (final) of Rs 55/- per equity share for the financial year 2023-24 of the face value of Rs 10/- each. This is the highest ever dividend that Chennai Petroleum Corporation declared after Rs 27/share dividend announced in 2023. Current market price of Chennai Petroleum Corporation share on BSE is Rs 1081.00 per share with intraday gain of 16.51%. Chennai Petroleum Corporation shares also offered highly attractive returns of 309% in just last 1-year only. More details below:

Chennai Petroleum Corporation Declares Massive Dividend: The Board of Directors of the Company have recommended an Equity Dividend (Final) of 550% for Financial Year 2023-2024 i.e, Rs.55/- per equity share of face value Rs. 10/- each on the paid up share capital, subject to the approval of shareholders at ensuing Annual general meeting of the company. The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend would be intimated in due course."

Further, the Board of Directors have recommended preference dividend of 6.65% on the Outstanding Preference Shares amounting to Rs.33.25 Cr. for the year 2023-2024, added the BSE filing.

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

Chennai Petroleum Corporation Share Performance & Return: The 52-week high price of Chennai Petroleum Corporation share on BSE is Rs 1083.00 per share (as on 24/04/2024) and 52-week low price is Rs 256.90 per share (as on 25/04/2023), respectively. Chennai Petroleum Corporation shares zoomed by 19% in last 1-week only, soared, 108% in last 6-months, gained a huge 309% in last 1-year, and offered return of 955% in last 3-years. In last 2-year, Chennai Petroleum Corporation shares offered gain of 354% and 1377% in last 10-years.

Dolly Khanna Stake: Ace investor Dolly Khanna has stake Chennai Petroleum with 1.09% stake or 16,18,520 shares of the company.

Chennai Petroleum Corporation About: CPCL, formerly known as Madras Refineries Limited (MRL) was formed as a joint venture in 1965 between the Government of India (GOI), Amoco and National Iranian Oil Company (NIOC). CPCL became a subsidiary of IOCL in 2001. CPCL Manali refinery is one of the most complex refineries in India with Fuel, Lube, Wax and Petrochemical feedstocks production facilities. CPCL meets the energy needs of Tamilnadu State and parts of neighbouring States, according to its official website.

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