Chennai Petroleum Corp shares soar 16% on Rs 55 dividend, 72% QoQ PAT growth
Chennai Petroleum Corporation jumped 16% on Wednesday to hit their 52-week high of Rs 1,074.95 on the NSE after the company declared a final dividend of Rs 55 per share while reporting a 72% sequential surge in its March quarter net profit to Rs 627.89 crore.
The final dividend would be paid within 30 days from the date of declaration at the AGM and the record date for the payment of final dividend would be intimated in due course, the company filing said.
Further, the board of directors has also recommended a preference dividend of 6.65% on the outstanding preference shares amounting to Rs 33.25 crore for the year 2023-2024.
The company had reported a profit after tax (PAT) of Rs 365.28 crore in Q3FY24. On a year-on-year basis, the net profit plunged 38% versus Rs 1,012.81 crore in Q4FY23.
The revenue from operations for the reported quarter stood at Rs 20,823 crore, up by 2% against Rs 20,454 crore reported in the Q3FY24. It was down 2.4X% from Rs 21,350 crore reported in the year-ago period.
The stock witnessed strong buying action with over a crore shares changing hands on the NSE around 1:40 pm while the total traded value of the share was Rs 1,038.25 crore.
For the full year, the revenue from operations stood at Rs 79,272.54 crore versus Rs 90,908.30 crore in FY23 while PAT is reported at Rs 2,745.07 crore versus Rs 3,531.53 crore.
Company's expenses for the reporting quarter stood at Rs 19,983 crore, marginally higher on a sequential basis at Rs 19,975.37 crore. In the year- ago period the expenses
