Maharatna PSU oil marketing company, Hindustan Petroleum Corporation of India (HPCL) has announced double treats for its investors despite consolidated net profit declining by double-digit in the quarter ending March 31, 2024. Firstly, HPCL is going to deliver free bonus shares in the ratio of 1:2, and secondly, the company will reward the final dividend payout to the tune of Rs 16.50 per share for FY24. The company has fixed the record dates for the same.
HPCL Bonus Shares:
This leading OMC declared bonus issue in the ratio of 1:2. Meaning, HPCL will distribute 1 bonus share free of cost for every existing 2 shares held by investors. The record date is fixed on July 21, 2024.
The paid-up share capital is at Rs 1,418.55 crore on pre-bonus but will rise to Rs 2,127.82 crore on post-bonus. The premium required for implementing the bonus issue will be from the company's free reserves.
HPCL has a free reserve of Rs 709.27 crore.
The company expects to credit or dispatch these bonus shares on or before August 7, 2024.
This will be the third bonus issue by HPCL in less than a decade. Earlier, HPCL rewarded investors 1:2 bonus shares in July 2017, and another 2:1 bonus issue in September 2016.
HPCL Dividend:
In a meeting held on May 9, HPCL's board of directors recommended a final equity dividend of Rs 16.50 per equity share having a face value of Rs. 10/- each (pre-bonus), which translates into a final dividend of Rs. 11 per equity share having face value of Rs. 10/- each (post-bonus) for the Financial Year 2023-24, subject to the approval of the shareholders of the Company.
The record date for the final dividend is fixed on August 9, 2024. HPCL said that the same will be paid within 30 days from the date of the declaration at the ensuing AGM.
Also, the final equity dividend is in addition to the Interim Dividend(s) of Rs 15.00 per share (pre-bonus) paid for the financial year 2023-24.
As per Trendlyne data, HPCL delivered about 34 dividends since July 2000. Currently, it has a dividend yield of 2.99%.
HPCL Earnings:
On a consolidated basis, in Q4FY24, HPCL registered a net profit of Rs 2,709.31 crore, declining by 25% from its profit of Rs 3,608.32 crore in Q4FY23. On the top-line front, consolidated total income stood at Rs 1.22 lakh crore during the quarter under review, dropping by 6%, as against Rs 1.15 lakh crore in Q4FY23.
On the standalone front, however, HPCL reported a PAT of Rs 2,843 crore registering an increase of 437% over the PAT of Rs 529 crore reported during the previous quarter Oct-Dec 2023. Meanwhile, revenue stood at Rs 1,21,532 crore, up by 6.2% from Rs 1,14,445 crore reported for the corresponding quarter of the previous year.
For FY24, the company's consolidated PAT is at Rs 16,015 crore during FY 2023-24 (Consolidated Net Loss of Rs 6,980 crore during the previous financial year). The Standalone PAT during FY 2023-24 was also the highest ever at Rs 14,694 crore (Standalone Net Loss of Rs 8,974 crore during the previous financial year).
HPCL Share Price:
On BSE, HPCL shares ended at Rs 502.25 apiece, down by 3.99% with a market cap of Rs 71,246.59 crore. The stock's 52-week high and low is at Rs 594.45 apiece and Rs 239.25 apiece respectively.
Despite the latest fall, YTD, the stock has surged by 25.6% on BSE, while in a year, the upside is around 96%. Meanwhile, all-time gains are around 1,349% on BSE.
A Maharatna PSU, HPCL is one of the largest integrated Public Sector Undertaking, engaged in the business of refining Crude Oil and marketing of various petroleum products like Asphalt, Diesel, Kerosene, LPG, Lube Oils, Petrol, branded products like ATF (Aviation Turbine Fuel), Power, Turbojet, Naphtha, throughout India and at select foreign countries. Some of these products are exported to other countries.
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