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Indian Oil, BPCL HPCL post 81,000 cr record profit in FY24
Millennium Post Delhi
|New Delhi 13May2024
The combined standalone net profit of IOC, BPCL HPCL in FY24 was better than their annual earning of Rs 39,356 cr in pre-oil crisis years
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State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profits totalling about Rs 81,000 crore in FY24, which far exceeded their annual earning in pre-oil crisis years.
The combined standalone net profit of IOC, BPCL and HPCL in April 2023 to March 2024 (FY24) was better than their annual earning of Rs 39,356 crore in pre-oil crisis years, regulatory filings by them showed. All the three companies posted the highest ever standalone as well as consolidated net profit in FY24.
The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost.
This story is from the New Delhi 13May2024 edition of Millennium Post Delhi.
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