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New Delhi, May 11, 2024: The combined profit of the state-owned oil marketing companies (OMCs) for the financial year 2023-24 stood at Rs 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year.
The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24. For the full 2023-24 fiscal, HPCL reported a record net profit of Rs 16,014 crore as opposed to a loss of Rs 6,980 crore in the previous year, official sources said today.
IOCL capped an excellent year with historical best refinery throughput, sales volume and net profit.
BPCL’s profit after tax for FY 2023-24 came in at ₹26,673 crores, nearly 13-times higher than the previous fiscal year. Additionally, the company’s planned capital outlay of ₹1.7 lakh crores over 5 years under ‘Project Aspire’ underlines its commitment to creating long-term value for shareholders, they added.
Over the last few years, the government has unleashed the potential of OMCs by allowing the right mix of freedom and accountability.
