Shares of Chennai Petroleum’s were surging nearly 15% on Wednesday after the company announced a bumper dividend with its fourth-quarter results.

What Happened: Chennai Petroleum, a subsidiary of Indian Oil Corporation, has declared a final dividend of ₹55 per share for the financial year 2024.

The total dividend payout amounts to ₹819 crore, which is close to 30% of the company’s consolidated net profit for the full year, standing at ₹2,711 crore.

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This dividend is twice the amount declared last year, which was ₹27 per share. The record date for the final dividend will be announced later.

For the quarter ending December, Chennai Petroleum posted a net profit of ₹628 crore, which is just over half of the ₹1,012.81 crore in the same quarter last year.

Meanwhile the revenue for the quarter reached ₹17,720.18 crore compared with ₹18,008.74 crore.

The Gross Refining Margins (GRM) for the quarter were $7.71 per barrel, a significant improvement from a negative $16.6 per barrel in the preceding quarter. GRM represents the difference between the value of refined products sold and the cost of feedstocks per barrel of crude oil processed.

Price Action: Chennai Petroleum’s share price was up 14.75% in afternoon trade on Wednesday, hitting a record high.

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