OMC combined profit rose over 25 times year on year in fy 2024

OMC: The financial year 2024 has been great for public sector oil marketing companies (OMCs). Despite the ongoing conflicts around the world and huge fluctuations in crude oil prices, the profits of oil marketing companies have increased rapidly during the last financial year. Despite many challenges, not only were these companies successful in keeping the prices of petrol and diesel stable in India but they also improved their financial performance.

Total profit of oil marketing companies is Rs 86,000 crore.

According to the data released by the government, the total profit of oil marketing companies in the financial year 2023-24 has been Rs 86,000 crore. This is 25 times more than last year. The net profit of HPCL in the last financial year was Rs 16,014 crore. In the financial year 2022-23, this figure was Rs 6980 crore. On the other hand, refinery production, sales and net profit of IOCL have also increased by record. The profit after tax of BPCL in the financial year 2023-24 has been Rs 26,673 crore. This is 13 times more than the financial year 2022-23. The company has also planned to spend Rs 1.7 lakh crore under Project Aspire in the next 5 years. This will increase the long term value of shareholders.

Government gave clarification on financial condition of OMC

The government also refuted those media reports in which the financial condition of oil marketing companies was described as bad based only on the financial results of the fourth quarter. The government has termed these media reports as unfair. The stock market also viewed the results of BPCL and HPCL positively. After the announcement of quarterly results, a jump was seen in the stocks of these companies. Leaving aside the quarterly results, if we pay attention to the annual results, it will be found that the financial performance of IOCL, BPCL and HPCL has been excellent in the last financial year.

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