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BPCL Q4 net profit at ₹11,940 cr, co announces final dividend of ₹58/sh – Mint

Bharat Petroleum Corporation Ltd on Wednesday reported a net profit of 11,940 crore for the quarter ended March, 2021. The company had posted a net loss of 1,361 crore in the year-ago quarter.

BPCL’s revenue from operations rose 21.5% on a year-on-year basis to 98,755.6 crore for the March quarter as against R 81,296 crore.

The company’s board approved a final dividend of 58 per share, which includes a one-time special dividend of 35 per equity share, it said in a regulatory filing. The special dividend pertains to the proceeds collected from the shares sold by the company belonging to BPCL Trust.

The final dividend would be paid within 30 days from the date of its declaration at the AGM. The final dividend is in addition to the interim dividend of 21 per equity share of 10 each paid for the year by the Company, it said.

The firm’s average GRM during the year ended March 31, 2121 was $4.06 per barrel versus $2.50 per barrel year ago.

BPCL’s scrip on Wednesday ended 0.87% lower at 470.25 on BSE.

In a report earlier, it was stated that privatisation-bound BPCL may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies.

BPCL holds 12.5 per cent of shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.

Mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital’s arm Think Gas are in the race to buy government stake in BPCL.

The stake sale in India’s second-largest fuel retailer is crucial to plans to raise a record 1.75 lakh crore from disinvestment proceeds in fiscal 2021-22 (April 2021 to March 2022).

BPCL will give the buyer ownership of around 15.33 per cent of India’s oil refining capacity and 22 per cent of the fuel marketing share.

The buyer of the company will get 35.3 million tonnes of refining capacity — 12 million tonne Mumbai unit, 15.5 million tonne Kochi refinery and 7.8 million tonne Bina unit.

BPCL also owns 18,639 petrol pumps, 6,166 LPG distributor agencies and 61 out of 260 aviation fuel stations in the country.

The firm also has upstream presence with 26 assets in nine countries such as Russia, Brazil, Mozambique, the UAE, Indonesia, Australia, East Timor, Israel and India. It is also making a foray into city gas distribution and has licences for 37 geographical areas (GAs).

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