New Delhi: State-owned oil marketing companies (OMCs) have reported a combined profit of ₹86,000 crore for the financial year 2023-24, over 25 times higher than the previous fiscal year.
HPCL reported a record net profit of ₹16,014 crore, a significant turnaround from a loss of ₹6,980 crore the previous year. IOCL achieved historical best refinery throughput, sales volume, and net profit. BPCL‘s profit after tax for FY 2023-24 was ₹26,673 crore, nearly 13 times higher than the prior fiscal year.
BPCL also announced a planned capital outlay of ₹1.7 lakh crore over five years under ‘Project Aspire,’ indicating its commitment to creating long-term shareholder value.
The OMCs ensured fuel availability at affordable rates, contributing to one of the lowest fuel price inflations globally in India, despite navigating evolving geopolitics and crude price fluctuations.
Markets responded positively, with BPCL and HPCL share prices rising post-results announcement. Analysts have acknowledged the performance, with many issuing buy recommendations, validating the annual performance and the outlook for the current fiscal year.
The government has supported the OMCs by maintaining an arm’s length from business decisions while encouraging ambitious plans aligned with the vision of Viksit Bharat, 2047.
