Chennai Petroleum Corporation on April 27 declared a final dividend of Rs 27 per share for fiscal 2022-23, which is a 10 per cent yield taking into account the last closing market price. The Board of Directors have also recommended a preference dividend of 6.65 per cent on the outstanding preference shares amounting to Rs 33.25 crore for the year 2022-2023.

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For the quarter ended March 2023, the company reported a net profit of Rs 1,013 crore against Rs 144.2 crore reported in the previous quarter, up a whopping 602 per cent. Revenue jumped 12.2 per cent on a sequential basis to Rs 18,008.7 crore while EBITDA jumped to Rs 1,626.6 crore against Rs 434.1 crore in the December 2022 quarter. EBITDA margin stood at 9 per cent against 2.7 per cent.

Reacting to the news, the stock surged to hit a high of Rs 296.65 on the BSE. At the time of writing this news, the stock traded at Rs 291.55, up over 7 per cent. In comparison, the benchmark S&P BSE Sensex was ruling at 60,536.82 levels, up 237 points, or 0.39 per cent.

Chennai Petroleum Corporation is a subsidiary of Indian Oil Corporation (IOCL) which is under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India. It is headquartered in Chennai.