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Chennai Petroleum dips on disappointing Q4 results

The stock was down 5% at Rs 396 on BSE as compared to 0.41% rise in Sensex at 11:18 am

SI Reporter  |  Mumbai 

Photo credit: Wikipedia
Photo credit: Wikipedia

(CPCL) dipped 6% to Rs 393 on BSE in intra-day trade after the company reported 31% year on year (YoY) declined in net profit at Rs 171 crore for the quarter ended March 2017 (Q4FY17). The company engaged in petroleum sector had profit of Rs 248 crore in a year ago quarter.

Net sales of the company during quarter under review rose 18% to Rs 6,828 crore as against Rs 5,790 crore during the previous quarter ended March 2016.

On the status of various projects taken up by the company, Gautam Roy, Managing Director, said the company has undertaken resid upgradation work, laying of new crude oil pipeline, BSIV fuel norms to BSVI totalling Rs 5,200 crore.

Once natural gas is made available to Manali Refinery, the trajectory of CPCL’s performance would shift tremendously, he added.

The board of directors of the company has recommended a dividend of 210% on the paid-up equity capital of the company, representing Rs 21 per equity share.

At 11:18 am; the stock was down 5% at Rs 396 on BSE as compared to 0.41% rise in the S&P BSE Sensex. A combined 980,263 shares changed hands on the counter on BSE and NSE so far.