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Hindustan Petroleum Corporation Limited (HPCL) on Thursday reported a nearly 24.9 per cent decline in consolidated net profit at Rs 2,709.31 crore for the Jan-March quarter of 2023-24 from Rs 3,608.32 crore in the same quarter last year as the public sector oil company did not pass on the higher crude oil costs to consumers.

“The HPCL board of directors recommended issuance of one bonus share for every two shares held, subject to approval by the shareholders. The record date for the bonus issue is set at June 21. The board also recommended a dividend of Rs.16.50 per share on face value of equity shares of Rs10/- each,” the oil major said in a stock exchange filing.

Average Gross Refining Margin (GRM) during the year ended March 31, 2024, was $9.08 per barrel as against $12.09 per barrel recorded last year