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Petroleum companies profits: How much did petroleum companies earn this year?

All three public sector petroleum firms…Indian Oil Company Ltd. (HPCL), Bharat Petroleum Company Ltd. (BPCL) and Hindustan Petroleum Company Ltd. (HPCL) has registered a bumper revenue of about Rs 81,000 crore within the final monetary 12 months 2023-24. That is rather more than their annual earnings within the years earlier than the oil disaster. Collectively, the stand-alone internet revenue of IOC, BPCL and HPCL throughout April, 2023 to March, 2024 has been higher than their annual earnings of Rs 39,356 crore within the years earlier than the oil disaster. These firms have given this info to the inventory markets.

All three firms have made their highest income on a standalone and consolidated foundation in 2023-24. In accordance with the knowledge given to the inventory exchanges, IOC has made a standalone internet revenue of Rs 39,618.84 crore in 2023-24. As compared, its standalone internet revenue in 2022-23 was Rs 8,241.82 crore. Nevertheless, the corporate could argue that its outcomes for 2022-23 had been affected by the oil disaster. However even when in contrast with the years earlier than the disaster, the corporate's income have been higher. The corporate's internet revenue was Rs 24,184 crore in 2021-22 and Rs 21,836 crore in 2020-21.

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BPCL has earned a internet revenue of Rs 26,673.50 crore within the monetary 12 months 2023-24, which is way greater than the determine of Rs 1,870.10 crore for 2022-23. Within the monetary 12 months 2021-22, BPCL had earned a internet revenue of Rs 8,788.73 crore. In accordance with the knowledge given to the inventory exchanges, the web revenue of HPCL in 2023-24 has been Rs 14,693.83 crore. On account of this, the corporate had suffered a lack of Rs 8,974.03 crore within the final monetary 12 months. In 2021-22, the corporate had earned a revenue of Rs 6,382.63 crore.

Because of the losses incurred within the monetary 12 months 2022-23, Finance Minister Nirmala Sitharaman had introduced within the finances 2023-24 to supply help of Rs 30,000 crore to IOC, BPCL and HPCL for his or her vitality transition plan. Later this quantity was diminished to half i.e. Rs 15,000 crore. This help was to be given by means of fairness funding or rights difficulty. Nevertheless, this help has not been given but.

Three firms that management practically 90 per cent of India's gas market have 'voluntarily' saved costs of petrol, diesel and cooking gasoline (LPG) unchanged for the final two years, resulting in losses as a consequence of greater manufacturing prices. Needed to decide it up. The three petroleum firms collectively had a internet lack of Rs 21,201.18 crore throughout April-September, 2022.

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