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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

Reassessing sustainable development through lens of ‘Integral Humanism’

Sustainable development has been a buzzword in the past decade that has helped mobilise the entire globe to pull off massive conventions addressing issues like climate change, global warming, and depletion of natural resources with an alarm ing degree of urgency. But there is an obvious chasm between what has been talked about and what has actually materialised on the ground. The global leadership on sustainable development appears to have proven itself inadequate in controlling the damage that is being caused by the forces of modernisation. Access to development is indeed a human right, and modernity is also a pressing need of the times we live in. Both of these appear to be the only answers to the questions of poverty and misery that we see still engulfing a large part of our population. But one cannot deny that development in its conventional course can only happen at the expense of natural resources. Infrastructure can develop only at the cost of forests, and material well-being can only happen at the cost of natural resources. And therefore, a severe paradox presents itself, demanding our immediate attention, as to where we can find the solution that could bring a resolution to this problem.

time to read

4 mins

September 26, 2025

The Business Guardian

The Business Guardian

WIN Lounge brings Global leaders together for climate action

‘The Women Inspiring Network (WIN) brought together global leaders during Climate Week New York 2025 alongside the 80th United Nations General Assembly (UNGA), as the WIN Lounge emerged as a platform for conversations on sustainability, innovation, business and culture, as per a press release.

time to read

2 mins

September 26, 2025

The Business Guardian

The Business Guardian

HC rejects Tahir Hussain’s bail plea in Ankit Sharma murder case

The Delhi High Court on Thursday refused to grant bail to former Aam Aadmi Party(AAP) councillor Tahir Hussain.

time to read

1 min

September 26, 2025

The Business Guardian

The Business Guardian

Camfil launches ISO-Compliant HEPA & ULPA filter facility in Manesar

Camfilhas added a new production line for HEPA and ULPA filters at its Manesar plant, increasing supply capacity for hospitals, pharmaceutical cleanrooms, biotechnology labs, and other high-containment facilities.

time to read

1 min

September 26, 2025

The Business Guardian

The Business Guardian

RBI ISSUES FRESH GUIDELINES TO ENHANCE DIGITAL PAYMENT SECURITY

The Reserve Bank of India (RBI) has issued new directions to strengthen digital payment security, mandating multi-factor authentication and enhanced safeguards from April 2026.

time to read

1 mins

September 26, 2025

The Business Guardian

Nail care: Natural solutions for brittle nails

Brittle nails—those that split, peel, or break easily—can be both frustrating and painful.

time to read

2 mins

September 26, 2025

The Business Guardian

The Business Guardian

ICRA projects India’s Third-party data centre capacity to double by FY28

India’s digital backbone is set for a major boost as third-party data centre capacity is projected to double to 2,400 to 2,500 MW by FY28 from 1,250 MW in FY2025, supported by investments of nearly Rs 90,000 crore during FY 26-FY28, according to rating agency ICRA.

time to read

2 mins

September 26, 2025

The Business Guardian

The Business Guardian

Cubera Cube launches in India for smarter audience targeting

Cubera Tech India Pvt. Ltd., a global innovator in ad-tech intelligence, today announced the India introduction of its groundbreaking product -- Cubera Cube -- a real-time audience discovery and campaign ideation platform powered by conversational AI (artificial intelligence).

time to read

2 mins

September 26, 2025

The Business Guardian

The Business Guardian

Congress holds working committee meet in Patna

The Congress Working Committee on Wednesday began its meeting in Bihar’s Patna ahead of the Legislative Assembly elections later this year.Congress Chief Mallikarjun Kharge hoisted the national flag at Sadagat Ashram, Congress’ headquarters in Bihar, ahead of the meeting.Senior Congress leaders Rahul Gandhi, KC Venugopal, Pawan Khera, former Chhattisgarh Chief Minister Bhupesh Baghel, Bihar Pradesh Congress Committee (BPCC) president Rajesh Ram, the party’s Bihar in-charge Krishna Allavaru, and Congress Legislature Party leader Shakeel Ahmed Khan, among others, reached the Sadaqat Ashram for the meeting.

time to read

1 min

September 26, 2025

The Business Guardian

The Business Guardian

SIDBI launches cluster development Model

The Small Industries Development Bank of India (SIDBI) has launched a low-cost, innovative, and self-propelling model of cluster development through its national scheme, Development of Industry Associations (DIA), a release stated.

time to read

1 min

September 26, 2025

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