After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates.
IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in Q1 FY25 - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing.
Net profit also fell sequentially, against earning of Rs 11,570.82 crore in March quarter.
HPCL posted 90 per cent drop in profit to Rs 633.94 crore against an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter.
BPCL net profit dropped to Rs 2,841.55 crore in AprilJune from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed.
This story is from the August 05, 2024 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 05, 2024 edition of Millennium Post Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Deepika and Ranveer welcome their BABY GIRL
They have openly expressed their eagerness for parenthood
England's World Cup-winning allrounder Moeen Ali retires from international cricket
England allrounder Moeen Ali has announced his retirement from international cricket, continuing the changing of the guard in the English game that has also seen fast-bowling greats Stuart Broad and Jimmy Anderson quit the sport over the past year.
Pacers shine as India B beat India A by 76 runs
KL Rahul's gumption, which helped him pile a patient fifty, found no resonance among his colleagues as India B pacers led by Yash Dayal pushed India A to a 76-run defeat on the fourth and final day of their Duleep Trophy match here on Sunday.
Randhir Singh becomes first Indian to be elected as OCA president
Veteran sports administrator Randhir Singh on Sunday became the first Indian to be elected as the president of the Olympic Council of Asia (OCA) during the 44th General Assembly of the continental body here.
Asian Champions trophy: India outclass China 3-0
India were slow off the blocks as China created an early counter attack opportunity but an alert Krishan Pathak saw the ball sail wide harmlessly
Aryna Sabalenka beats Jessica Pegula to lift US Open trophy
Aryna Sabalenka left the U.S. Open in tears 12 months ago as the runner-up.
Vedanta will progress from being asset manager to asset owner with demerger, says Anil Agarwal
The proposed demerger of Vedanta's diverse verticals that represent more than 15 commodities, will see the company progress from being asset managers to asset owners, Chairman Anil Agarwal has said.
Macro data and global trends to dictate markets this Week, say analysts
Macroeconomic data announcements, global trends and trading activity of foreign investors would be the major driving factors for the equity markets this week, according to analysts.
Adani forms China subsidiary to provide supply chain solutions & project management services
Adani Group has formed a subsidiary in China to carry out business of providing supply chain solutions and project management services, according to a regulatory filing.
SpiceJet chief Ajay Singh likely to sell over 10% stake to raise funds
One of the sources said Singh could offload up to a 15% stake in the airline if certain conditions are conducive