On November 29, the BPCL board will discuss an interim dividend

22 Nov 2023 , 11:11 AM

The state-owned Bharat Petroleum Corporation Ltd. (BPCL) said on Tuesday, November 21, that it will review a proposal on November 29 to distribute an interim dividend for the fiscal year 2023–2024.

On September 30, 2023, BPCL recorded cash of Rs 23,324 crore.

‘…this is to inform you that a meeting of the Board of Directors would be held on Wednesday, November 29, 2023, to consider the proposal of declaration of interim dividend for the financial year 2023-24 and fixation of Record date,’ BPCL stated in a regulatory filing.

‘It is further notified that the Trading Window in terms of ‘The Code for Prevention of Insider Trading in the securities of BPCL’ shall remain closed from November 22, 2023 to December 1, 2023, (both days inclusive),’ the business stated.

BPCL posted a consolidated net profit of Rs 8,243.55 crore for the second quarter of FY23, up from a loss of Rs 338.49 crore for the same time the previous year.

In the second quarter of the current fiscal year, pre-tax earnings from the downstream oil refining and marketing sector came to Rs 11,283.29 crore, while the same period previous year had a loss of Rs 123.17 crore.

Due to lower oil prices, revenues decreased to Rs 1.66 lakh crore from Rs 1.28 lakh crore in July through September of last year. BPCL reported that from April to September of 2023, it made $15.42 on average from the conversion of each barrel of crude oil into fuel, compared to a gross refining margin of $22.30 during the same period the previous year.

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