IOCL, BPCL, HPCL report Rs 810 bn profit in FY24
OIL & GAS

IOCL, BPCL, HPCL report Rs 810 bn profit in FY24

The state-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation Ltd announced substantial profits totalling around Rs 810 billion in FY24, significantly surpassing their earnings in years prior to the oil crisis. According to regulatory filings, their combined standalone net profit from April 2023 to March 2024 (FY24) exceeded their annual earnings of Rs 393.56 billion in pre-oil crisis years.

It was reported by them that all three companies achieved their highest-ever standalone as well as consolidated net profit in FY24.

The companies have resisted suggestions to return to daily price revisions and pass on decreases in rates to consumers, citing the extreme volatility of prices - with rises one day and falls the next - and the need to recover losses incurred in the year when rates were kept lower than costs.

According to the regulatory filing of the company, IOC recorded a standalone net profit of Rs 396.18 billion in 2023-24. This is in comparison to an annual net profit of Rs 82.41 billion in 2022-23. While it could be argued that FY23 was affected by the oil crisis, the earnings in FY24 surpass even those of the pre-crisis years - with a net profit of Rs 241.84 billion in 2021-22 and Rs 218.36 billion in 2020-21.

BPCL reported a net profit of Rs 266.73 billion in FY24, higher than the earnings of Rs 18.70 billion in 2022-23 and Rs 87.88 billion in FY22. According to the filings, HPCL's profit of Rs 146.93 billion in 2023-24 is compared with a loss of Rs 89.74 billion in FY23 and a profit of Rs 63.82 billion in 2021-22.

The losses incurred in FY23 resulted in Finance Minister Nirmala Sitharaman announcing Rs 300 billion to support the energy transition plans of IOC, BPCL, and HPCL in her budget for 2023-24. However, halfway through the year, this support was reduced to Rs 150 billion. The support, which was intended to be provided through equity infusion via a rights issue, has not yet been provided.

The state-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation Ltd announced substantial profits totalling around Rs 810 billion in FY24, significantly surpassing their earnings in years prior to the oil crisis. According to regulatory filings, their combined standalone net profit from April 2023 to March 2024 (FY24) exceeded their annual earnings of Rs 393.56 billion in pre-oil crisis years. It was reported by them that all three companies achieved their highest-ever standalone as well as consolidated net profit in FY24. The companies have resisted suggestions to return to daily price revisions and pass on decreases in rates to consumers, citing the extreme volatility of prices - with rises one day and falls the next - and the need to recover losses incurred in the year when rates were kept lower than costs. According to the regulatory filing of the company, IOC recorded a standalone net profit of Rs 396.18 billion in 2023-24. This is in comparison to an annual net profit of Rs 82.41 billion in 2022-23. While it could be argued that FY23 was affected by the oil crisis, the earnings in FY24 surpass even those of the pre-crisis years - with a net profit of Rs 241.84 billion in 2021-22 and Rs 218.36 billion in 2020-21. BPCL reported a net profit of Rs 266.73 billion in FY24, higher than the earnings of Rs 18.70 billion in 2022-23 and Rs 87.88 billion in FY22. According to the filings, HPCL's profit of Rs 146.93 billion in 2023-24 is compared with a loss of Rs 89.74 billion in FY23 and a profit of Rs 63.82 billion in 2021-22. The losses incurred in FY23 resulted in Finance Minister Nirmala Sitharaman announcing Rs 300 billion to support the energy transition plans of IOC, BPCL, and HPCL in her budget for 2023-24. However, halfway through the year, this support was reduced to Rs 150 billion. The support, which was intended to be provided through equity infusion via a rights issue, has not yet been provided.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code