State-run oil refiner Bharat Petroleum Corporation (BPCL) is expected to pay an interim dividend of Rs 14 per share next month, according to rating agency Moody’s. The quantum of dividend is expected to be higher in the absence of a share buy-back.
“Although BPCL — unlike some of the other state-owned oil & gas companies in India — has not yet announced a share buyback, Moody’s expects the company will need to pay an interim dividend in February 2019 of at least Rs 14 per share, equal to the interim dividend paid in February 2018,” the agency said in a note on BPCL affirming its Baa2 rating for the company and in its subsidiary- BPRL International Singapore (BPRL).
Moody’s added, “In the absence of a share buyback and given an increase in the company’s reported net profit, the interim dividend payable could be even higher than Moody’s current estimates. Read More