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Chennai Petroleum Corp News- After the business announced a 72 percent sequential increase in profit for the quarter ended March 31 and a dividend of Rs 55 per share, according to an exchange filing, the shares of Chennai Petroleum Corporation surged more than nine percent on April 24.

On April 24, the stock on the BSE had increased 10.74 percent inside a single day to Rs 1,027.4.

Chennai Petroleum Corp Profit Details

The company’s net profit for the fourth quarter of FY24 increased from Rs 365.28 crore in the December quarter to Rs 627.89 crore, a 71.9 percent increase. It was, nevertheless, less than the Rs 1,012.81 crore recorded in the previous year.

The dividend of Rs 55 per share has been announced by the corporation. “The board of directors of the company has recommended an equity dividend (dinal) of 550 percent for financial year 2023-2024 i.e, Rs 55 per equity share of a face value Rs 10 each on the paid-up share capital, subject to the approval of shareholders at the ensuing annual general meeting of the company,” according to the filing.

Operations revenue was Rs 20,822.95 crore, down from Rs 21,350.05 crore in the March quarter of FY23 and Rs 20,453.94 crore in the December quarter.

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