Dividend announced at Rs 55/share of multibagger PSU

Dividend announced at Rs 55/share, quarterly profit of multibagger PSU increased by 72%, shares up 16 percent

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

 

Chennai Petroleum Corporation, a public sector undertaking (PSU) in the refinery industry, on Wednesday declared a large equity dividend (final) of Rs 55/- per share of 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 witnessed a stormy rise and they started trading at the level of Rs 1081 with an intraday gain of 16 percent.

Shares of Chennai Petroleum Corporation have given attractive returns of 309% to its investors in the last one 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 means, 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 in the upcoming Annual General Meeting of the Company, wherein the final dividend of Rs 10/- on each paid-up share capital will be paid within 30 days from the date of declaration at the AGM.

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

Chennai Petroleum Corporation Q4 Results

The company announced an attractive growth of 71.9% in its net profit at Rs 627.89 crore in Q4FY24 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, up from Rs 20,453.94 crore declared in the December 2023 quarter and Rs 21350.005 declared in the March 2023 quarter. The PSU declared its total income for the quarter ending March 31, 2024 at Rs 20,826.44 crore, compared to Rs 20,456.42 crore declared in the December 2023 quarter and Rs 21,351.83 crore declared in the March 2023 quarter. Total expenditure for the March 2024 quarter was declared at Rs 19,982.92 crore, compared to Rs 19,975.37 crore for the December 2023 quarter and Rs 19,964.20 crore for the March 2023 quarter.

Shares of Chennai Petroleum Corporation rose 19% in the last one-week alone. There was an increase of 108% in the last 6 months. There was a huge growth of 309% in the last one year and a return of 955% in the last 3 years.