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HPCL Declares 1:2 Bonus Issue and ₹16.50 Final Dividend

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Synopsis:

Along with the 1:2 bonus issue and ₹16.50 Final Dividend, HPCL's Q4FY24 results highlight a 25% decrease in net profit. This drop in net profit was attributed to lower refining margins and a price cut in petrol and diesel.

HPCL News Today

Hindustan Petroleum Corporation Ltd (HPCL) announced a bonus issue in the ratio 1:2 on Thursday, May 9, where it will issue one free share for every two equity shares held. The record date for the bonus issue is set as June 21, 2024.

However, the company unveiled its January-March quarter results for fiscal 2023-24 (Q4FY24), reporting a 25% decrease in net profit to ₹2,709.31 crore compared to ₹3,608.32 crore in the same period last year. This decline is primarily attributed to lower refining margins and a ₹2 per litre reduction in petrol and diesel prices.

Additional Read: Upcoming Q4 Results Today | SBI, Asian Paints, BPCL, HPCL

Dividend Declared

HPCL's board recommended a final dividend of ₹16.50 per equity share with a face value of ₹10 (pre-bonus), translating to ₹11.00 per equity share post-bonus for 2023-24. This final dividend is in addition to the interim dividend paid earlier. 

Additional ReadHindustan Petroleum Corporation Q4 Results

Operational Highlights and Investments

Despite the profit decrease, HPCL reported a turnover of ₹1.22 lakh crore for Q4FY24, up from ₹1.15 lakh crore in the same period of the previous year. The company's refineries processed the highest-ever crude throughput of 22.33 million tonnes during the year, operating at 103.3% of the installed capacity.

Additional ReadShare Market News

Infrastructure Expansion and Achievements

During the January-March quarter, HPCL commissioned 428 petrol pumps, reaching a milestone of 22,000 retail outlets, with a total of 22,022 outlets as of March 31, 2024. Furthermore, it commissioned electric vehicle (EV) charging facilities at 1,201 retail outlets, bringing the total number of outlets with EV charging facilities to 3,603 as of the same date. 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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