Low fuel demand growth: HSBC cuts earnings forecasts for OMCs

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The core profit after tax of Indian Oil Corporation (IOCL) in FY22 will be Rs 13,514.2 crore, down 5% from the earlier estimate, according to a note by HSBC. The profit projected for FY23 now stands at Rs 16,467.2 crore, 6% lower than the previous forecast.