Shares of Chennai Petroleum Corporation Ltd surged nearly 12 percent in trade on Thursday, after the company reported a multifold growth in net profit quarter-on-quarter and a rise in revenue for the quarter ending March 2023.

The company’s consolidated net profit for the March-ended quarter rose to Rs 1,012.81 crore compared to Rs 1,001.9 crore in the same quarter last year. The net profit surged a massive 600 percent sequentially compared to Rs 144.2 crore in the quarter ending December 31, 2022.

The company’s consolidated revenue from operations grew by 12 percent to Rs 18,008 crore in the quarter under review, compared to Rs 16,054 crore in the December-ended quarter.

Similarly, the company’s Earnings Per Share (EPS) rose to Rs 68.01 in Q4FY23, compared with Rs 67.28 in Q4 of FY22 and Rs 9.68 in the quarter ending on December 31, 2022.

The Board of Chennai Petroleum Corporation has recommended a final dividend of Rs 27 per share for the financial year 2022-23, along with a preference dividend of 6.65 percent on the outstanding preference shares that amount to a total of Rs 33.25 crore in the fiscal year.

Shares of Chennai Petroleum Corporation gained 12 percent today and closed the day at Rs 304.

Chennai Petroleum Corporation is a subsidiary of Indian Oil Corporation (IOCL), under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India and is headquartered in Chennai.