BPCL Declares 1:1 Bonus Despite 30% Profit Drop in Q4

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Synopsis:

BPCL announces a 1:1 bonus issue and a final dividend of ₹21 per share for FY24. Q4FY24 net profit fell 30% to ₹4,789.57 crore. For FY24, BPCL reported a record net profit of ₹26,858.84 crore.

BPCL News Today

Bharat Petroleum Corporation Ltd (BPCL) declared a bonus issue in the ratio of 1:1 along with a final dividend for the fiscal year 2023-24. Shareholders will receive one additional share for each share held. The record date for bonus shares is fixed as June 22, 2024.

Additional Read: BPCL Q4 Results

Bonus Issue Details

The bonus equity shares will be issued from the securities premium account which will require ₹2,169.25 crore. The estimated date for crediting bonus shares is July 8, 2024.

Additional Read: Bharat Petroleum Corporation Ltd

Final Dividend

BPCL recommended a final dividend of ₹21 per equity share (pre-bonus), subject to shareholder approval at the annual general meeting (AGM). The final dividend will be paid within 30 days from the AGM, with the record date to be separately intimated.

Additional Read: Bharat Petroleum Corp Share Price

Q4FY24 Results Highlights

BPCL reported a 30% decline in net profit for the March quarter, amounting to ₹4,789.57 crore, attributed to lower refining margins. Turnover remained flat at ₹1.32 lakh crore compared to the same period last fiscal year.

Fiscal Year Performance

For the full fiscal year 2023-24, BPCL achieved a record net profit of ₹26,858.84 crore, significantly higher than the previous fiscal year's ₹2,131.05 crore. The company earned $14.14 per barrel as its gross refining margin.

Outlook for FY25

Krishnakumar, Chairman and MD of BPCL expressed cautious optimism for FY25, expecting crude oil prices to remain in the range of $83-87 per barrel. Despite potential challenges like geopolitical tensions and supply chain disruptions, BPCL aims to navigate uncertainties with agility.

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