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Public sector oil giants post 25-fold jump in combined profit at Rs 86,000 crore for 2023-24

Public sector oil giants post 25-fold jump in combined profit at Rs 86000 crore for 2023-24

The combined profit of the three oil marketing companies for FY 2023-24 stood at Rs 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year, the note states, according to a note prepared by the Ministry of Petroleum and Natural Gas.

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. Indian Oil Corporation capped an excellent year with the historically 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, the note points out.

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