Oil marketing companies likely to report sequential rise in profits in Q4

State-owned oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – reported a healthy year-on-year growth in consolidated net profits for the quarter ended December owing to healthy marketing margins. The profit after tax (PAT), however, declined sequentially for all the three companies due to inventory losses which impacted gross refining margins.

OMCs are likely to report a healthy YoY growth in their net profits for Q4FY24, say analysts. On a QoQ basis as well, the numbers are likely to rise. They are unlikely to face further inventory loss in Q4FY24.