CPCL Reports 39% YoY Drop in Q4 Net Profit, Declares Rs 55 per Share Dividend

by Psu Connect
Date: 25-04-24
Ministry of Petroleum and Natural Gas

The company's revenue from operations was lower at Rs 20,822.95 crore as against Rs 21,350.05 crore in January-March FY23.

CPCL Reports 39% YoY Drop in Q4 Net Profit, Declares Rs 55 per Share Dividend

New Delhi: Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil Corporation (IOC), reported a significant drop in its net profit for the March 2024 quarter compared to the same period last year. Here are the key highlights of CPCL's Q4 results:

Financial Performance
Consolidated net profit for the January-March FY24 stood at Rs 627.89 crore, showing a 39% decrease from the Rs 1,012.81 crore earnings in the same period last year.
The company's revenue from operations was lower at Rs 20,822.95 crore as against Rs 21,350.05 crore in January-March FY23.
The gross refining margin (GRM) for the quarter stood at USD 7.71 per barrel, compared to (-) USD 16.6 per barrel a year ago.

Dividend Announcement
CPCL declared a final equity dividend of Rs 55 per equity share, resulting in a total payout of Rs 819 crore, which is 30% of its full year net profit of Rs 2,711 crore.
The dividend recommendation is subject to the approval of shareholders at the ensuing annual general meeting of the company.

Full Fiscal Performance
For the full fiscal year, CPCL reported a net profit of Rs 3,693.69 crore as compared to Rs 4,806.42 crore in FY23.
The company's EPS (earnings per share) decreased to Rs 182.07 per share in FY24 from Rs 237.31 in FY23.

Other Financial Details
The company's debt-equity ratio decreased to 0.32 as of March 31, 2024, from 0.67 as of March 31, 2023.
CPCL's net worth increased to Rs 8593 crore in March 2024 from Rs 6281 crore in March 2023.
In light of these results, CPCL's Q4 performance reflects a challenging operating environment marked by lower prices and foreign exchange losses. Despite this, the company's dividend payout remains robust, providing a positive outlook for its shareholders and investors.