OMCs Report Stellar Performance in FY 2023-24 Despite Challenges, Profit Soars Over 25 Times

State-owned oil marketing companies (OMCs) in India have concluded the fiscal year 2023-24 on a high note, showcasing resilience amid global geopolitical shifts and volatile crude oil prices. 

Despite these challenges, the OMCs not only ensured consistent fuel availability at affordable rates, contributing to one of the lowest fuel price inflations globally, but also delivered commendable financial results, rewarding shareholders' trust.

The combined profit of OMCs for the fiscal year 2023-24 amounted to INR 86,000 crore, marking a leap of over 25 times compared to the previous fiscal year, which was notably challenging. 

Hindustan Petroleum Corporation Limited (HPCL) reported a record net profit of INR 16,014 crore for the fiscal year, a turnaround from the previous year's loss of INR 6,980 crore. Indian Oil Corporation Limited (IOCL) celebrated its historical best refinery throughput, sales volume, and net profit, capping off an excellent fiscal year.

Bharat Petroleum Corporation Limited (BPCL) recorded a profit after tax of INR 26,673 crores for FY 2023-24, nearly 13 times higher than the preceding fiscal year. The company's strategic capital outlay of INR 1.7 lakh crores over five years under 'Project Aspire' highlights its commitment to generating long-term value for shareholders.

The market responded positively to the OMCs' financial results, with share prices of BPCL and HPCL witnessing an upward trend following the announcement. Analysts have also recognized the robust performance, with many issuing buy recommendations, indicating confidence in the companies' outlook for the current fiscal year.