Oil PSUs combined profit rises to Rs 30,106 crore in Q2
Indian Oil Corporation's record quarterly earnings helped offset profit declines at BPCL and HPCL, according to reports.
Three state-run oil marketing companies, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL), earned a combined standalone net profit of Rs 30,106 crore during the July-September quarter. According to The New Indian Express and BusinessLine, this represents a 68.3 per cent increase from the Rs 17,884 crore recorded during the same period last year.
The September quarter earnings accounted for nearly 39 per cent of the combined Rs 77,281 crore profit reported by the three firms for the full FY26. This performance follows a combined loss of Rs 18,150 crore in the previous April-June quarter.
IOC reported its highest-ever quarterly standalone net profit of Rs 21,630 crore, which is nearly three times the Rs 7,610 crore earned a year earlier. The company attributed this to improved refining margins and strong performance in its gas and petrochemical businesses, alongside a temporary dip in crude oil prices between mid-June and mid-August.
In contrast, BPCL and HPCL saw their standalone profits decline. BPCL's profit fell 22.5 per cent to Rs 4,993 crore from Rs 6,443 crore a year ago, while HPCL's profit dropped 9.1 per cent to Rs 3,483 crore from Rs 3,830 crore.
The companies faced pressure on marketing margins as petrol and diesel retail prices remained unchanged since the second half of May. BusinessLine reported that the firms had been losing money on petrol and diesel sales, while also managing an accumulated fuel under-recovery of Rs 67,900 crore by the end of September.