HPCL, BPCL boards recommend issue of bonus shares
Hindustan Petroleum Corporation Ltd. (HPCL) reported consolidated net profit of ₹16,015 crore during FY24, against a consolidated net loss of ₹6,980 crore during the previous financial year.
Standalone net profit during FY24 was ₹14,694 crore compared with a net loss of ₹8,974 crore during the previous year.
Standalone net profit for the fourth quarter was lower at ₹2,843 crore from ₹3,223 crore in the same period last year.
The company reported ₹1,21,532 crore revenue from operations for Q4, a 6.2% increase.
For FY24, revenue from operations stood at ₹4,61,638 crore as compared with ₹4,66,192 crore during the previous year.
The Board has recommended issue of bonus shares in the ratio 1:2, i.e., one new bonus equity share of ₹10 each for every two existing equity shares of ₹10 each fully paid up, subject to the approval of members of the company.
The Board also recommended a final dividend of ₹ 16.50 per equity share. This final dividend is in addition to the interim dividend (pre-bonus) paid for the FY24 at ₹15 per equity share.
BPCL profit rises
Bharat Petroleum Corportation Ltd. posted net profit of ₹26,674 crore for FY24 against a profit of ₹1,870.10 crore in the previous year. Net profit for the fourth quarter stood at ₹4,224.18 crore as compared with a profit of ₹6,477.74 crore in the year-earlier period.
Consolidated net profit for the financial year stood at ₹26,858.84 crore as compared with a net profit of ₹2,131.05 crore in the previous year.
Consolidated net profit for the fourth quarter was ₹4,789.57 crore as compared with a net profit of ₹6,870.47 crore in the year-earlier period.
Revenue from operations for the year ended March 31, 2024, was ₹5,06,911.36 crore as compared with ₹5,33,467.55 crore in the previous year.
The company’s board has recommended issuance of bonus shares in the ratio of one equity share of ₹10 each for every one existing equity share of ₹10 each. It has also recommended a final dividend of ₹21 per equity share for FY24, which translates into final dividend of ₹10.5 per share (post-bonus).
G. Krishnakumar, CMD, BPCL said, “The financial year 2023-24 marks a significant milestone in our journey. We have achieved record-breaking operational and financial performance across refining throughput, domestic market sales, and profitability. Our PAT soared to a historic ₹26,673.50 crore.”
“These achievements provide a strong foundation for BPCL’s ambitious strategy ‘Project Aspire’, which, at a planned capital outlay of ₹1.7 lakh crore over a period of 5 years, will fuel our next wave of growth to create long term value for our shareholders,” he added.
