Nayara Energy Q1: Petrol sales Up 48%, exports dow

Energy, India's largNest private fuel retailer, reported a 48% increase in petrol sales during the first quarter of the 2024 calendar year. Meanwhile, exports declined as the company focused on meeting growing domestic fuel demand.

According to a company statement, Nayara sold 70% of its petroleum products from the Vadinar oil refinery in Gujarat in the Indian market during the January-March quarter.

Nayara Energy is primarily focused on catering to the growing demand of petroleum products in India through institutional business, sales to other oil companies and through its own retail chain," it added.

Driven by its missive of 'In India, For India', the firm posted robust 24 per cent year-on-year growth in domestic retail sales and a 12.5 per cent rise in institutional sales, the statement said, without providing more details.

Petrol sold locally rose to 0.89 million tonnes in the first quarter of 2024 from 0.60 million tonnes in January-March 2023.

Diesel sales were almost flat at 1.7 million tonnes.

"Nayara believes in being a strong partner to India's energy needs and will continue to serve the country's energy consumption demands," it said.