BPCL announces final dividend, sets record date amid profit decline

22 Jul 2024 , 09:35 AM

Bharat Petroleum Corporation Limited (BPCL) has announced the record date for its final dividend for the financial year 2023-24, following the release of its first-quarter results on July 20, 2024.

BPCL has set August 9 as the record date for its final dividend of ₹10.5 per share for FY24. This means that shareholders recorded in the company’s books as of this date will be eligible to receive the dividend.

At the time of writing on July 22, 2024 at 9:34 am shares of Bharat Petroleum Corporation Limited (BPCL) is  currently trading at ₹310 which is a 2.19% gain than the previous close. Bharat Petroleum Corporation Limited (BPCL) stock has gained a total of 59% in the last one year, and witnessed a 37% gain since the beginning of the year.

The company has mentioned that the Annual General Meeting (AGM) will be held in August, with the exact date to be announced later. The dividend payment will be made within 30 days of the AGM.

The record date is crucial as it determines which shareholders are eligible to receive the corporate action benefits. Those listed in the company’s records by this date will be entitled to the dividend.

BPCL announced its first-quarter results on July 19, revealing a significant drop in profit by 71% compared to the same period last year. The company reported a profit of ₹3,015 crore for Q1, down from ₹10,551 crore in the previous year.

Despite the decline in profit, BPCL’s revenue from operations remained steady at around ₹1.28 lakh crore, close to last year’s levels. The drop in profit was mainly due to weaker gross refining margins (GRMs) and higher crude oil prices.

Bharat Petroleum Corporation Limited (BPCL) is an Indian public sector undertaking (PSU) under the Ministry of Petroleum and Natural Gas, Government of India. The company operates three refineries located in Bina, Kochi, and Mumbai.

BPCL is India’s second-largest government-owned downstream oil producer, with its operations overseen by the Ministry of Petroleum and Natural Gas. In 2020, BPCL was ranked 309th on the Fortune list of the world’s biggest PSUs and 1052nd on Forbes’s “Global 2000” list in 2023.

BPCL’s history dates back to the British colonial rule over India when it started as the Rangoon Oil and Exploration company. The company was initially set up to explore new discoveries off Assam and Burma (now Myanmar).