{"id":5447,"date":"2024-05-11T05:45:59","date_gmt":"2024-05-11T00:15:59","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/?p=5447"},"modified":"2024-05-11T05:45:59","modified_gmt":"2024-05-11T00:15:59","slug":"omcs-fy24-combined-profit-rose-over-25-times-year-on-year","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/","title":{"rendered":"OMCs&#8217; FY24 combined profit rose over 25-times year-on-year"},"content":{"rendered":"<p style=\"text-align: justify;\">The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24.\u00a0 Even as they navigated rapidly evolving geo politics and wide fluctuations in crude prices, the OMCs not only ensured fuel availability at affordable rates, with one of the lowest fuel price inflation globally in India, but they have also rewarded the shareholders\u2019 trust by posting commendable annual results.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/22222OX7P.jpg\" \/><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">However, some media reports have just focused on the Q4 2024 to Q4 2023 financial comparison to \u00a0paint an abysmal picture and downplay their overall annual performance. Parameters like all time best throughputs, excellent capex utilisation, and projects completed have been completely ignored. The reportage is distinctly unfair and paints a picture which is unjustified.<\/p>\n<p style=\"text-align: justify;\">The combined profit of OMCs for FY 2023-24 stood at Rs 86,000 crore, over 25 times higher than the extraordinarily difficult previous fiscal year.\u00a0For 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. IOCL capped an excellent year with historical best refinery throughput, sales volume and net profit.<\/p>\n<p style=\"text-align: justify;\">BPCL\u2019s profit after tax for FY 2023-24 came in at \u20b926,673 crores, nearly 13-times higher than the previous fiscal year. Additionally, the company\u2019s planned capital outlay of \u20b91.7 lakh crores over 5 years under \u2018Project Aspire\u2019 underlines its commitment to creating long-term value for shareholders.<\/p>\n<p style=\"text-align: justify;\">Markets have reacted positively to the results with BPCL and HPCL share prices rising after the announcement of results. Moreover,\u00a0analysts have taken cognisance of the performance and many of them have put a buy recommendation, a strong validation of their annual performance and the outlook for the current fiscal year.<\/p>\n<p style=\"text-align: justify;\">Over the last few years,\u00a0the government has unleashed the potential of OMCs by allowing the right mix of freedom and accountability. The government maintains an arm\u2019s length distance from their business decisions while fully supporting and encouraging ambitious plans that are aligned with the vision of Viksit Bharat, 2047.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24.\u00a0 Even as they navigated rapidly evolving geo politics and wide fluctuations in crude prices, the OMCs not only ensured fuel availability at affordable rates, with one of the lowest fuel price inflation globally in India, but they have also rewarded the shareholders\u2019 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[136],"tags":[2492],"class_list":["post-5447","post","type-post","status-publish","format-standard","","category-national","tag-oil-marketing-companies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OMCs&#039; FY24 combined profit rose over 25-times year-on-year - Matribhumi Samachar English<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OMCs&#039; FY24 combined profit rose over 25-times year-on-year - Matribhumi Samachar English\" \/>\n<meta property=\"og:description\" content=\"The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24.\u00a0 Even as they navigated rapidly evolving geo politics and wide fluctuations in crude prices, the OMCs not only ensured fuel availability at affordable rates, with one of the lowest fuel price inflation globally in India, but they have also rewarded the shareholders\u2019 &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Matribhumi Samachar English\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-11T00:15:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/22222OX7P.jpg\" \/>\n<meta name=\"author\" content=\"Saransh Kanaujia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saransh Kanaujia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/\",\"url\":\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/\",\"name\":\"OMCs' FY24 combined profit rose over 25-times year-on-year - Matribhumi Samachar English\",\"isPartOf\":{\"@id\":\"https:\/\/matribhumisamachar.com\/en\/#website\"},\"datePublished\":\"2024-05-11T00:15:59+00:00\",\"dateModified\":\"2024-05-11T00:15:59+00:00\",\"author\":{\"@id\":\"https:\/\/matribhumisamachar.com\/en\/#\/schema\/person\/0a61403f4baf9627e92218b53a1e65f1\"},\"breadcrumb\":{\"@id\":\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/matribhumisamachar.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"OMCs&#8217; FY24 combined profit rose over 25-times year-on-year\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/matribhumisamachar.com\/en\/#website\",\"url\":\"https:\/\/matribhumisamachar.com\/en\/\",\"name\":\"Matribhumi Samachar English\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/matribhumisamachar.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/matribhumisamachar.com\/en\/#\/schema\/person\/0a61403f4baf9627e92218b53a1e65f1\",\"name\":\"Saransh Kanaujia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/matribhumisamachar.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/45a8b03a1b1bb8255014f5e62f9cfea0eb8a9f7a6a604f9879038df08da23cea?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/45a8b03a1b1bb8255014f5e62f9cfea0eb8a9f7a6a604f9879038df08da23cea?s=96&d=mm&r=g\",\"caption\":\"Saransh Kanaujia\"},\"description\":\"Saransh Kanaujia is currently editor of Matribhumi Samachar Group. He earlier worked with Hindusthan Samachar News Agency. He is also associated with many organizations.\",\"sameAs\":[\"https:\/\/matribhumisamachar.com\/en\"],\"url\":\"https:\/\/matribhumisamachar.com\/en\/author\/matribhumisamachar\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"OMCs' FY24 combined profit rose over 25-times year-on-year - Matribhumi Samachar English","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/","og_locale":"en_US","og_type":"article","og_title":"OMCs' FY24 combined profit rose over 25-times year-on-year - Matribhumi Samachar English","og_description":"The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24.\u00a0 Even as they navigated rapidly evolving geo politics and wide fluctuations in crude prices, the OMCs not only ensured fuel availability at affordable rates, with one of the lowest fuel price inflation globally in India, but they have also rewarded the shareholders\u2019 &hellip;","og_url":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/","og_site_name":"Matribhumi Samachar English","article_published_time":"2024-05-11T00:15:59+00:00","og_image":[{"url":"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/22222OX7P.jpg"}],"author":"Saransh Kanaujia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Saransh Kanaujia","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/","url":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/","name":"OMCs' FY24 combined profit rose over 25-times year-on-year - Matribhumi Samachar English","isPartOf":{"@id":"https:\/\/matribhumisamachar.com\/en\/#website"},"datePublished":"2024-05-11T00:15:59+00:00","dateModified":"2024-05-11T00:15:59+00:00","author":{"@id":"https:\/\/matribhumisamachar.com\/en\/#\/schema\/person\/0a61403f4baf9627e92218b53a1e65f1"},"breadcrumb":{"@id":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/11\/omcs-fy24-combined-profit-rose-over-25-times-year-on-year\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/matribhumisamachar.com\/en\/"},{"@type":"ListItem","position":2,"name":"OMCs&#8217; FY24 combined profit rose over 25-times year-on-year"}]},{"@type":"WebSite","@id":"https:\/\/matribhumisamachar.com\/en\/#website","url":"https:\/\/matribhumisamachar.com\/en\/","name":"Matribhumi Samachar English","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/matribhumisamachar.com\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/matribhumisamachar.com\/en\/#\/schema\/person\/0a61403f4baf9627e92218b53a1e65f1","name":"Saransh Kanaujia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/matribhumisamachar.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45a8b03a1b1bb8255014f5e62f9cfea0eb8a9f7a6a604f9879038df08da23cea?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45a8b03a1b1bb8255014f5e62f9cfea0eb8a9f7a6a604f9879038df08da23cea?s=96&d=mm&r=g","caption":"Saransh Kanaujia"},"description":"Saransh Kanaujia is currently editor of Matribhumi Samachar Group. He earlier worked with Hindusthan Samachar News Agency. He is also associated with many organizations.","sameAs":["https:\/\/matribhumisamachar.com\/en"],"url":"https:\/\/matribhumisamachar.com\/en\/author\/matribhumisamachar\/"}]}},"_links":{"self":[{"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/posts\/5447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/comments?post=5447"}],"version-history":[{"count":1,"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/posts\/5447\/revisions"}],"predecessor-version":[{"id":5460,"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/posts\/5447\/revisions\/5460"}],"wp:attachment":[{"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/media?parent=5447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/categories?post=5447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/matribhumisamachar.com\/en\/wp-json\/wp\/v2\/tags?post=5447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}