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Determinants of Profitability in Indian Public Sector Petroleum Industries

Profitability is a relative term and its measurement can be achieved by profit and its relation with other objects by which the profit is affected. Actually profitability is highly sensitive economic variable which is affected by a host of factors operating through a variety of ways. The present study is a step to find the effect of certain major variables which affecting the profitability of Indian Public Sector Petroleum Industries. In this industry the selected variables explains 93% of the variation in profitability of the firms included in this industry. It is evident from the results that operating expenses to sales ratio is the strongest determinant of profitability followed by leverage, age, size, vertical integration, current ratio, fixed assets turnover ratio, growth rate of assets and inventory turnover ratio. Further size, leverage, operating expenses to sales ratio and vertical integration has negative contribution in variation of profit rate in this industry. Other variables have positive contribution in variation of profit. It can be concluded that firms should consider all these possible determinants while considering its profitability.