Oil Marketing Companies Report Significant Profit Growth In FY 2023-24.

May 10, 2024 8:27 PM.

The combined profit of Oil Marketing Companies for the financial year 2023-24 stood at 86 thousand crore rupees which is 25 times higher than the previous fiscal year. According to the Petroleum and Natural Gas Ministry, Hindustan Petroleum Corporation Limited reported a record net profit of over 16 thousand crore rupees as opposed to a loss of six thousand 980 crore rupees in the previous year.

Bharat Petroleum Corporation Limited profit after tax in the last financial year came in 26 thousand 673 crore rupees which is nearly 13 times higher than the previous fiscal year. While, Indian Oil Corporation Limited capped an excellent year with sales volume and net profit. The Ministry said, OMC’s combined net profit in financial year 2023-24 up 543 percent in comparison to fiscal year 2013-14.

The Ministry said, some media reports have just focused on the Quarter four 2024 to Quarter four 2023 financial comparison to paint an abysmal picture and downplay OMC’s overall annual performance. It said, parameters like all time best throughputs, excellent capex utilisation, and projects completed have been completely ignored. The Ministry said, the reportage is distinctly unfair and paints a picture which is unjustified.