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550% Dividend Alert: Chennai Petro shares jump 12% after doubling payout post Q4 results
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The dividend announced by Chennai Petroleum is double of what the company announced last year, which was ₹27 per share.
Chennai Petroleum Corporation Ltd., a subsidiary of Indian Oil Corporation has announced an final dividend of ₹55 per share for financial year 2024.
This will result in a total payout is ₹819 crore, which is nearly 30% of its full year net profit of ₹2,711 crore.
The dividend announced by Chennai Petroleum is double of what the company announced last year, which was ₹27 per share.
Record date for the final dividend will be fixed in due course.
For the December quarter, Chennai Petro reported a net profit of ₹628 crore, a growth of 71% compared to the December quarter profit of ₹365.3 crore.
Revenue for the quarter was flat but grew by 2% from the previous quarter to ₹17,720 crore. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 53.2% to ₹1,042 crore, while margin expanded to 5.88% from 3.91% in December.
Gross Refining Margins for the quarter stood at $7.71 per barrel, compared to a negative $16.6 per barrel. GRM is the difference in value between the refined products sold and the feedstocks consumed, calculated per barrel of crude il processed.
Shares of Chennai Petro have surged to the day’s high, currently trading 12% higher at ₹1,041.05. The stock is trading at a record high. The stock has risen 4x or by nearly 300% in the last 12 months. For the first for months of 2024, the stock has risen nearly 50%.
The stock has also turned positive for the month of April post Wednesday’s surge. It has now gained for 14 straight months. The last instance of the stock posting a decline on a monthly basis was back in February 2023.
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