BPCL declares record Rs 12,581 crore dividend ahead of privatisation-Business News , GadgetClock
The federal government, which is promoting its whole 52.98 p.c stake in BPCL, will get Rs 6,665.76 crore plus dividend distribution tax
New Delhi: Bharat Petroleum Company Ltd (BPCL) on Wednesday declared a record Rs 12,581 crore dividend, greater than half of which can go to the federal government, ahead of the privatisation of the corporate.
In a regulatory submitting, BPCL stated its “Board of Administrators has beneficial a remaining dividend of Rs 58 per fairness share (together with one-time particular dividend of Rs 35 per fairness share of Rs 10 every) for the monetary yr ended 31 March, 2021 topic to the approval of the shareholders.”
The dividend works out to Rs 12,581.66 crore, together with particular dividend of Rs 7592.38 crore.
The federal government, which is promoting its whole 52.98 p.c stake in BPCL, will get Rs 6,665.76 crore plus dividend distribution tax.
The dividend declared is along with the interim dividend of Rs 21 per share paid earlier within the fiscal.
The corporate didn’t give any cause for declaring the record dividend however the agency had acquired Rs 9,876 crore from sale of its 61.5 per cent stake in Numaligarh refinery in Assam to a consortium of Oil India Ltd, Engineers India Ltd and the Authorities of Assam in March.
Nearly concurrently, the agency had purchased 36.62 p.c of the fairness held by OQ S.A.O.C (previously generally known as Oman Oil Firm S.A.O.C) in Bina refinery for Rs 2,399.26 crore.
The web acquire made by BPCL after the 2 offers was Rs 7,477 crore – nearly the identical quantity because the particular dividend declared on Wednesday.
For the fiscal yr ended 31 March, 2021 (FY 2020-21), BPCL reported a record standalone web revenue of Rs 19,041.67 crore on again of the stake sale in addition to greater refining margin ensuing from stock beneficial properties accruing from rebounding oil costs.
The revenue in contrast with Rs 2,683.19 crore web revenue in 2019-20, the submitting confirmed.
Within the January-March quarter, web revenue rose to Rs 11,940.13 crore from Rs 2,777.62 crore a yr again.
The agency earned $4.06 on turning each barrel of crude oil into gasoline in FY21 as in comparison with a gross refining margin of $2.50 per barrel a yr again.
Additionally, the corporate made a acquire of Rs 199.75 crore on overseas alternate as in comparison with a loss of Rs 1,662.34 crore in FY20.
“The market gross sales of the Company for the yr ended 31 March, 2021 was 38.74 million tonnes as in comparison with 43.10 million tonnes achieved throughout the yr ended 31 March, 2020.
“Lower is especially in diesel (-10.66 p.c), petrol (-7.83 p.c), ATF (-60.32 p.c) and partly offset by enhance in LPG (6.24 p.c),” the agency stated.
Commenting on the fourth quarter earnings, BPCL Director (Finance) N Vijayagopal stated, “We witnessed a V-shaped restoration within the second half of the monetary yr leading to sturdy progress in gasoline gross sales.”
“In an unprecedented yr that started with a lockdown throughout the nation and subdued enterprise and financial actions, the fourth quarter was a stand-out quarter that helped the corporate to report its highest ever progress in bottomline,” he stated.
BPCL market gross sales of diesel grew by 5.98 p.c and petrol by 9.89 p.c. “Our debt degree has come right down to regular degree of Rs 26,000 crore,” he stated.
#BPCL #declares #record #crore #dividend #ahead #privatisationBusiness #News #GadgetClock