This compared with Rs 8,241.82 crore annual net profit in 2022-23. While the company could argue that FY23 was impacted by the oil crisis, the 9-month earnings are higher than even the pre-crisis years – Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21.
BPCL posted a net profit of Rs 22,449.32 crore in the 9-month period of current fiscal as compared to a loss of Rs 4,607.64 crore in the same period last year.
This profit was higher than Rs 1,870.10 crore earning in 2022-23 and Rs 8,788.73 crore in FY22. HPCL’s 9-month profit of Rs 11,851.08 crore compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22.
The fuel price freeze that began on April 6, 2022, had a loss as high as Rs 17.4 a litre on petrol and Rs 27.7 per litre on diesel for the week ended June 24, 2022. However, subsequent softening led to losses being eliminated. The three firms had a margin of Rs 11 a litre on petrol and Rs 6 on diesel last month.
