Home / Economy / News / Export duty on steel and petro products to hit corporate earnings in FY23

Export duty on steel and petro products to hit corporate earnings in FY23

Metals & oil firms together saw profit of Rs 3.05 trn in FY22

Premium

The latest tax move by the government is expected to make it less profitable for companies to export steel and petroleum products, hitting their earnings in FY23

Krishna Kant Mumbai

3 min read Last Updated : Jul 04 2022 | 12:52 AM IST

The recently announced special tax on the export of steel, iron ore and petroleum products, and a windfall profit tax on crude oil producers are likely to hit the overall corporate earnings during the current financial year. Mining & metals and crude oil producers —such as Tata Steel, JSW Steel, Vedanta, Hindalco, Oil & Natural Corporation (ONGC), and Reliance Industries — led corporate earnings’ growth in FY22 and any dip in their earnings due to regulatory changes is likely to pull down profits for FY23.

Together the listed companies from these two sectors reported a record net profit of Rs 3.05

Topics : Exports petrol export Petroleum sector corporate earnings ONGC

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in