BPCL Latest Results : Bharat Petroleum Corporation Limited (BPCL) has announced the issuance of bonus shares to its existing shareholders in the ratio of 1:1. Along with this, the company will also give pre-bonus dividend at the rate of Rs 21 per share to its shareholders. After the bonus issue, this dividend will come to Rs 10.50 per share. The company also announced its financial results on Thursday 9 May. The consolidated net profit of the company during the fourth quarter of the financial year 2023-24 stood at Rs 4,789.57 crore, which is 30 percent less as compared to the same quarter last year. The government oil company had earned a consolidated net profit of Rs 6,870.47 crore in the same period last year.
Record date for bonus issue 22 June 2024
BPCL said in an exchange filing on Thursday that the company’s board has recommended the issue of bonus shares in the ratio of 1:1, i.e. Rs 10 for each fully paid up existing equity share. A new bonus equity share of Rs 10 will be issued. For this decision, approval of shareholders has to be taken through postal ballot. The board has fixed Saturday, June 22, 2024 as the record date for acquiring bonus shares. The company’s board has also recommended a pre-bonus final dividend of Rs 21 per equity share for the year 2023-24, which will be Rs 10.50 per share after the bonus issue.
Also read: Mutual Funds: Aggressive hybrid funds gave annual returns of up to 26% in 5 years, why is this scheme better for new investors?
Profit decreased due to reduction in oil prices
The company’s profits have declined during the March quarter amid weak margins and volatility in crude oil prices. In mid-March, all the oil marketing companies of the country including BPCL had reduced the prices of diesel and petrol by Rs 2 per liter, which also affected the company’s margins. The company said in a press release that BPCL’s average gross refining margin (GRM) during the entire financial year 2023-24 stood at $ 14.14 per barrel, whereas during the same period last year it was $ 20.24 per barrel. BPCL opened 308 new fuel stations across the country during Q4FY, taking the total to 21,840 fuel stations in its network. The company has also commissioned 323 new CNG stations in the fourth quarter. With this, its total number of CNG stations has increased to 2,031 by March 31, 2024.
Also read: SBI Result: State Bank’s profit increased by 18% in the fourth quarter, announced dividend of Rs 13.70 for FY24
EBITDA fell to Rs 7,884.14 crore
BPCL’s revenue from operations declined marginally to Rs 1.32 lakh crore in the quarter ended March 31, from Rs 1.33 lakh crore last year. The company’s profit before interest, tax, depreciation and amortization (EBITDA) fell to Rs 7,884.14 crore in Q4FY24, compared to Rs 10,526.73 crore in the same period last year. On Thursday, May 9, shares of BPCL closed at Rs 592.30 on BSE, which is 4.58 percent lower than the previous trading day.
