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IndianOil, BPCL To ONGC: Here’s How The Oil & Gas Sector Fared In Q1
The aggregate consolidated net profit of Indian oil and gas companies more than doubled in the June quarter of fiscal 2024.
The 21 companies considered for the analysis posted cumulative profit growth of 134% year-on-year to 574.794 billion in the April-June period.
Public sector refiners led the profit growth for the sector, with Indian Oil Corp. leading the pack as it recorded a net profit of Rs 137.5044 billion, compared to a net loss of Rs 19.925 billion in the year-ago period.
Bharat Petroleum Corp. came in second with a consolidated net profit of Rs 105.509 billion, compared to a net loss of Rs 62.631 billion during the same period last year. Hindustan Petroleum Corp. posted a net profit of Rs 62.039 billion, compared to a net loss of Rs 101.969 billion in the June quarter of fiscal 2023, while Hindustan Oil Exploration Co.’s profit doubled to Rs 661 million from Rs 324 million a year ago.
However, Chennai Petroleum Corp. posted the biggest net profit fall of 76% year-on-year to Rs 5565 million in the June quarter. This was followed by Supreme Petrochem Ltd. and Mangalore Refinery and Petrochemicals Ltd. which reported a 63% fall in net profit each.
In terms of revenue, the sector saw an aggregate 13% fall in revenue growth, mainly on account of lower crude prices.
Hindustan Oil Exploration, Deep Industries Ltd., and Castrol India Ltd. recorded the highest year-on-year revenue growth at 100%, 39%, and 7.4%, respectively.
Sector giants in terms of market capitalisation like Reliance Industries Ltd., Oil and Natural Gas Corp., and Indian Oil saw a fall in revenue growth. Revenues of Reliance Industries Ltd. and Oil and Natural Gas Corp. fell by 20% each, while Indian Oil’s top line was down by 12%.
Oil India Ltd. witnessed the highest revenue fall as sales slipped by 42%. This was followed by Chennai Petroleum and Mangalore Refinery, which recorded a 35% and 34% decline in revenue, respectively.
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