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OMCS' FY24 OPERATING PROFITS REBOUND TO RS 1 TRILLION: CRISIL

The Business Guardian

|

July 30, 2023

Profits may rebound by 3 times from FY23’s Rs 33,000 cr, as softer crude improves credit metrics.

- NIVEDITA MUKHERJEE

OMCS' FY24 OPERATING PROFITS REBOUND TO RS 1 TRILLION: CRISIL

India’s oil marketing companies (OMCs) could see operating profit rebound to Rs 1 lakh crore this fiscal, compared with an average of Rs 60,000 crore between fiscals 2017 and 2022 and thrice last fiscal’s low of Rs 33,000 crore. The rebound in the operating profit of oil marketers is set to ride on softer crude and improvements in credit metrics despite large capex, as indicated by an analysis of three OMCs rated by CRISIL Ratings, accounting for the entire sector.

Government-owned OMCs earn from two businesses: refining, where they earn a gross refining margin, which is the value of refined products at the refinery gate minus the cost of crude oil used to produce them; and marketing, where they earn a margin on petrol, diesel, and other petroleum products sold mainly through retail pumps. According to a Government response in Lok Sabha on July 27, 2023, the refining capacity of crude oil by Indian refineries is 253.92 million metric tonnes per annum (MMTPA). Official data of the Ministry of Petroleum and Natural Gas (MoPNG) suggests that the refining capacity of Indian refineries is projected to increase by about 56 MMTPA by the year 2028, Minister of State (MoPNG) Rameswar Teli informed the House.

FLERE HISTORIER FRA The Business Guardian

The Business Guardian

The Business Guardian

SEEDING START-UPS IN CLASSROOMS: DELHI'S BOLD NEW STEP IN EDUCATION

Delhi has introduced a groundbreaking school curriculum to nurture entrepreneurship from Class 8 onwards, preparing students to become innovators and leaders of tomorrow.

time to read

2 mins

September 25, 2025

The Business Guardian

Rs recovers 2 paise against US dollars

The rupee recovered 2 paise from its all-time closing low to settle at 88.71 (provisional) against the US dollar on Wednesday, as steep tariffs and H-1B visa related issues kept the domestic unit under pressure.

time to read

1 min

September 25, 2025

The Business Guardian

The Business Guardian

Report: Positive long-term outlook for Indian markets

Indian equity markets retain a positive long-term outlook, backed by a normal monsoon, sustained policy reforms, government capex, and the financialization of savings -- which continue to underpin India's growth trajectory, according to PL Wealth, the wealth management arm of PL Capital (Prabhudas Lilladher).

time to read

1 min

September 25, 2025

The Business Guardian

The Business Guardian

Pahang – The Heart of Malaysia Strengthens Tourism Ties with India Through Exclusive 2025 Roadshow

Tourism Pahang is set to deepen its engagement with the Indian travel industry through the highly anticipated Pahang Roadshow to India 2025, taking place on 24 September in New Delhi and 26 September in Chennai.

time to read

1 min

September 25, 2025

The Business Guardian

The Business Guardian

Youth loan growth slows to 6%

Growth in loan originations for younger consumers slowed to six per cent in the quarter ended June 2025, down from nine per cent in the same period last year, according to TransUnion CIBIL’s September 2025 Credit Market Report.

time to read

1 mins

September 25, 2025

The Business Guardian

The Business Guardian

Rahul Gandhi urges PM Modi for Comprehensive Punjab flood relief

Congress leader Rahul Gandhi on Monday again urged Prime Minister Narendra Modi to immediately announce a comprehensive relief package for Punjab following devastation caused by floods in the state.

time to read

1 mins

September 25, 2025

The Business Guardian

The Business Guardian

From textiles to trinkets: Journey through Jaipur's walled city

Jaipur, the capital of Rajasthan, is known worldwide as the Pink City for its distinct rosy-hued architecture and regal heritage.

time to read

4 mins

September 25, 2025

The Business Guardian

The Business Guardian

EC must respond to Rahul's vote theft claims: AAP

Aam Aadmi Party (AAP) Delhi President Saurabh Bharadwaj on Tuesday said that the Election Commission of India (ECI) is dutybound to respond to allegations of “vote chori” (vote theft) made by Congress leader Rahul Gandhi.

time to read

1 mins

September 25, 2025

The Business Guardian

The Business Guardian

Cabinet clears 78-day bonus for railway staff

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved payment of Productivity Linked Bonus (PLB) of 78 days for Rs 1865.68 crore to 10,91,146 railway employees, in recognition of the excellent performance by the railway staff.

time to read

2 mins

September 25, 2025

The Business Guardian

The Business Guardian

Court acquits Sirsa, 9 others in a protest at AIICC case

The Rouse Avenue court in Delhi has acquitted Delhi Minister Manjinder Singh Sirsa, Manjit Singh GK, and other accused in a 12-year-old case linked with the allegations of organising a protest outside the All India Congress Committee (AICC) against former Congress MP Sajjan Kumar.

time to read

1 min

September 25, 2025

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