Low fuel demand growth: HSBC cuts earnings forecasts for OMCs


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.