The oil marketing companies (OMCs) had a highly successful financial year in 2023-24, despite facing considerable challenges such as geopolitical shifts and fluctuating crude oil prices.
Throughout the year, they ensured consistent availability of fuel at affordable rates, contributing to one of the lowest fuel price inflation rates globally, particularly in India. Additionally, they delivered impressive financial results, demonstrating their commitment to shareholders and reinforcing trust in their operations.
According to the Ministry of Petroleum and Natural Gas, OMCs collectively reported a significant profit of ₹86,000 crore for FY 2023-24, marking a remarkable increase of over twenty-five times compared to the previous fiscal year, which was particularly challenging.
Hindustan Petroleum Corporation Limited (HPCL), for instance, achieved a record net profit of ₹16,014 crore, a remarkable turnaround from the previous year’s loss of ₹6,980 crore. Similarly, Indian Oil Corporation Limited (IOCL) showcased outstanding performance in various aspects including refinery throughput, sales volume, and net profit during the fiscal year.
Bharat Petroleum Corporation Limited’s (BPCL) profit after tax surged to ₹26,673 crores for FY 2023-24, marking an impressive rise of nearly thirteen times from the preceding fiscal year. Furthermore, BPCL’s ambitious ‘Project Aspire,’ which outlines substantial long-term value generation for shareholders with a planned capital outlay of ₹1.7 lakh crores over five years, demonstrates the company’s commitment to growth and sustainability.
As reported by ETEnergyworld.com, the ministry of petroleum and natural gas has announced that despite the challenges, OMCs delivered remarkable financial results for the fiscal year 2023-24. The response from the market has been positive, with share prices of BPCL and HPCL witnessing an increase following the announcement. Industry experts have lauded the performance, with many recommending investment, thus enhancing confidence in the OMCs’ prospects for the current fiscal year.
