BPCL sets capital outlay of Rs.1.7 lakh cr over 5 years under ‘Project Aspire’
The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24 as they navigated rapidly evolving geopolitics and wide fluctuations in crude prices, the Ministry of Petroleum and Natural Gas said on 10 May.
The OMCs not only ensured fuel availability at affordable rates in the country, with one of the lowest fuel price inflations globally, but they have also rewarded the shareholders’ trust by posting commendable annual results.
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 https://www.opec.org/opec_web/en/press_room/306.htm.
For 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 iocl_pbd.
BPCL’s profit after tax for FY 2023-24 came in at Rs.26,673 crores, nearly 13-times higher than the previous fiscal year. Additionally, the company’s planned capital outlay of Rs.1.7 lakh crores over 5 years under ‘Project Aspire’ underlines its commitment to creating long-term value for shareholders.
Markets have reacted positively to the results with BPCLimited and hindustanpetroleum.com/ share prices rising after the announcement of results.
Moreover, analysts 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.
Over the last few years, the government has unleashed the potential of OMCs by allowing the right mix of freedom and accountability, the ministry pointed out. Fiinews.com
