BPCL announces 1:1 bonus issue, board recommends a final dividend of ₹21 per share pre-bonus, Shares jump 5%

State-run Bharat Petroleum Corporation has announced a 1:1 bonus issue on Thursday wherein every shareholder will receive one share for every scrip they hold. At the same time, the company has declared its fourth quarter and fiscal year 2024 results while proposing a dividend.

BPCL said on Thursday its board has recommended the issue of one new bonus equity share for every one existing equity share. The board has fixed June 22, 2024 as the record date to determine the eligibility of shareholders to receive the bonus shares.

The bonus equity shares will be issued out of the securities premium account. The firm pointed out that a securities premium of ₹2,169.25 crore is required for implementing the bonus issue. The estimated date by which the bonus shares will be credited will be within two months from the date of the board approval i.e. by July 08, 2024.

Meanwhile, the board has recommended a final dividend of ₹ 21 per share pre-bonus, which translates into a final dividend of ₹10.5 per equity share post the allotment of bonus shares.

BPCL also announced its fourth quarter and fiscal year 2024 results on Thursday. The company registered a 30% year-on-year (YoY) decline in its consolidated net profit at ₹4,789.57 crore during the fourth quarter. Operating revenue fell 1% to ₹1.32 lakh crore.

For the full fiscal year, the company reported a 5% decline in its revenue from operations at ₹5.07 lakh crore. Net profit rose over 1100% to ₹26,859 crore during the fiscal.

The average gross refining margin (GRM) of the corporation for the year ended March 31, 2024 stood at $14.14 per barrel as against $20.24 per barrel in FY23. This is before factoring the impact of special additional excise duty as well as road and infrastructure cess, levied with effect from July 01, 2022, it said.

Shares of the company have gained over 31% since the beginning of the year. The stock has risen over 59% in the last one year