Chennai Petroleum shares jump 14% to hit record high; stock to go ex-dividend soon

The PSU reported a 39% drop in the March quarter net profit on lower prices and foreign exchange loss. Consolidated net profit of ₹627.89 crore in January-March FY24 was lower than ₹1,012.81 crore earning in the same period last year, as per a PTI report.

The profit was up 71% when compared with ₹365.3 crore earning in the December quarter. Revenue from operations was lower at ₹20,822.95 crore as against ₹21,350.05 crore in January-March FY23.

The company earned $8.64 on turning every barrel of crude oil into fuel in the year to March 31, 2024 as opposed to a gross refining margin of $11.91 per barrel in the previous year.

For the full fiscal, CPCL reported a net profit of ₹3,693.69 crore as compared to ₹4,806.42 crore in FY23. The company declared a final dividend of ₹55 per equity share, resulting in a total payout of ₹819 crore.

CPCL is one of those high-performing stocks whose investors have made money with both hands. The stock has skyrocketed over 186% in the past one year and a huge 527% over the past five years. In comparison, the benchmark NIFTY50 index has rallied 25% in one year and 116% in 5 years.