HPCL’s standalone net profit for the fourth quarter was lower at ₹2,843 crore from ₹3,223 crore in the same period last year. | Photo source: File photo
The management boards of HPCL, BPCL recommend the issue of bonus shares
Hindustan Petroleum Corporation Ltd. (HPCL) reported a consolidated net profit of ₹ 16,015 crore in FY24 as against a consolidated net loss of ₹ 6,980 crore in the previous financial year.
The standalone net profit for FY24 was ₹ 14,694 crore as against a net loss of ₹ 8,974 crore in the previous year.
Standalone net profit for the fourth quarter was lower at ₹2,843 crore from ₹3,223 crore in the same period last year.
The company reported revenue from operations of ₹ 1,21,532 crore for the fourth quarter, up 6.2%.
In FY24, revenue from operations was ₹ 4,61,638 crore as against ₹ 4,66,192 crore in the previous year.
The board recommended the issue of bonus shares in the ratio of 1:2, i.e. one modern additional capital share of ₹10 each for every two existing capital shares of ₹10 each, fully paid up, subject to the consent of the shareholders of the company.
The board also recommended the payment of a final dividend of £16.50 per share. This final dividend is in addition to the interim (pre-bonus) dividend paid for FY24 of £15 per share.
BPCL’s profits are rising
Bharat Petroleum Corportation Ltd. reported a net profit of ₹ 26,674 crore for FY24 as against a profit of ₹ 1,870.10 crore in the previous year. The net profit for the fourth quarter was ₹4,224.18 crore as against a profit of ₹6,477.74 crore in the prior-year period.
The consolidated net profit for the financial year was ₹26,858.84 crore as against a net profit of ₹2,131.05 crore in the previous year.
The consolidated net profit for the fourth quarter was ₹4,789.57 crore as against a net profit of ₹6,870.47 crore in the corresponding period of the previous year.
Revenue from operations for the year ended March 31, 2024 was ₹5,06,911.36 crore as against ₹5,33,467.55 crore in the previous year.
The company’s board of directors recommended the issue of bonus shares in the proportion of one equity share of £10 each for each existing equity share of £10 each. It also recommended a final dividend of £21 per share for FY24, which translates into a final dividend of £10.50 per share (after bonus).
G. Krishnakumar, CMD, BPCL said, “FY 2023-24 marks a significant milestone in our journey. We achieved record operating and financial results in terms of refinery throughput, domestic sales and profitability. Our PAT has increased to an all-time high of ₹26,673.50 crore.”
“These achievements provide a solid foundation for BPCL’s ambitious ‘Project Aspire’ strategy which, with a planned capital expenditure of Rs 1.7 lakh crore over 5 years, will drive our next wave of growth, creating long-term value for our shareholders,” he added.
