State -owned Refining Giant Indian Oil Corporation's net profit in the first quarter of fiscal year 2024/2025 plummeted 81%compared with the same period last year. The reason is that the refining and marketing profit margins have fallen, which affects financial performance.
The Indian Petroleum Corporation reported that the net profit from April to June 2024 was approximately US $ 316 million (26.43 billion Indian rupees), below $ 1.64 billion (137.5 billion rupees) in the same period in 2023.This state -owned enterprise mainly attributed the decline in profits to "a decline in oil refining profit margin because the decrease in cracks consistent with the international trend and the suppression of marketing profit margins in this quarter."Udabur Investment
In the first quarter of fiscal year in fiscal 2024/2025, the average refining gross profit margin of Indian Petroleum was $ 6.39 per barrel, and the same period of the previous fiscal year was $ 8.34 per barrel.Indian Petroleum Corporation and its subsidiaries have one -third of the total production capacity of about 5 million barrels/day refining in India.
Although the fuel consumption of the world's third largest crude oil imported country India has performed strongly this year and reached a record high in early 2024, the rise in international crude oil prices has eroded the refining profit margin of many Asian refineries.Compared with last year, this year's profit margin is much lower.In addition, domestic fuel prices have fallen further to India Petroleum Corporation and other state -owned refineries in the country.Surat Wealth Management
Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) also reported earlier this month that the profits from April to June 2024 declined significantly from April to June 2024.
Although HPCL's income increased by 1.4%, the independent net profit of the quarter fell by 94.2%year -on -year.The net profit of BPCL decreased by 73%because the refining profit margin declined and the price of fuel prices before the Indian election fell.(Xiao Chen Compilation)Agra Stock
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