Chennai Petroleum Corporation jumped 12.43% to Rs 1,043.15 after the company's standalone net profit surged 70.11% to Rs 612.38 crore in Q4 FY24 as against Rs 359.99 crore recorded in Q3 FY24.
Revenue from operations (excluding excise duty) rose marginally to Rs 17,720.18 crore in Q4 FY24 from Rs 17,375.9 crore recorded in Q3 FY24.
On year on year basis, the petroleum refinery companys net profit slipped 39.02% and revenue declined 1.60% in Q4 FY24.
Profit before tax was at Rs 843.52 crore in the quarter ended 31 March 2024, up 75.35% QoQ and down 39.21% YoY.
During the quarter, crude throughput stood at 3.087 MMT, registering a growth of 9.12% QoQ and 4.57% YoY.
On full year basis, the companys net profit dropped 23.28% to Rs 2,711.25 crore on 13.49% decline in revenue to Rs 66,385.44 crore in FY24 over FY23.
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Average gross refining margin (GRM) for the period April 2023 to March 2024 was $8.64 per barrel as against $11.91 per barrel registered in the same period a year ago.
Meanwhile, the company's board has recommended a final dividend of Rs 55 per equity share for the financial year 2023-24. The record date for the dividend would be intimated in due course. The said dividend would be paid within 30 days from the date of declaration at the AGM.
Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 September 2023, Indian Oil Corporation held 51.89% stake in CPCL.
The scrip hit an all time high of Rs 1,088.15 in intraday today.
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