Reliance Industries tops Fortune India 500 list ending IOC's 10-year reign

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top_indian_corp Reliance Industries tops Fortune India 500 list ending IOC's 10-year reign

With the revenue of Rs 5.81 lakh crore in 2018-19, the Mukesh Ambani-led conglomerate also became the first privately-held and the only other company to become India's largest corporation apart from IOC for the first time in 10 years, Fortune India said.

Reliance Industries has displaced state-owned Indian Oil Corporation (IOC) to top the Fortune India 500 list.

Reliance's consumer-facing businesses like telecom and organized retail have helped it become India's largest company, ending the decade-long reign of IOC.

Mukesh Ambani-led Reliance Industries posted a 41.5 percent growth in FY19 revenue to Rs 5.81 lakh crore, 8.4 percent higher than IOC's Rs 5.36 lakh crore revenue for the year. RIL's FY19 profit at Rs 39,588 crore, was also more than double that of IOC.

"Over the past 10 years, the oil-to-retail conglomerate's profit has been an average three times higher than that of IOC. The highest it touched compared to IOC was up to 4.8 times, in FY15 when RIL's profit was Rs 23,566 crore and the public sector major's stood at Rs 4,912 crore," it said.

Oil and Natural Gas Corporation (ONGC), State Bank of India, Tata Motors and Bharat Petroleum Corporation (BPCL) followed IOC with no changes in their ranking between 2018 and 2019.

The ranking does not include subsidiaries. So, ONGC's ranking does not reflect those from its recently-acquired Hindustan Petroleum Corp (HPCL) as well as ONGC Videsh.

Rajesh Exports bagged the seventh rank on the 2019 list, jumping one position. Tata Steel, Coal India, Tata Consultancy Services and Larsen & Toubro also stepped up one rank each to the 8th, 9th, 10th and 11th positions, respectively.

ICICI Bank jumped two spots to the 12th position. Hindalco Industries and HDFC Bank followed.

Vedanta, however, slipped three spots to the 18th rank.

Overall, the revenue of the Fortune India 500 companies in the 2019 list grew 9.53 percent, while profit rose 11.8 percent.

A total of 57 companies dropped off the list for reasons including consolidation within the public sector banks, public sector undertakings, as well as the private sector.

This year, the total loss posted by the 500 companies also came down, with 65 companies posting a cumulative loss of Rs 1.67 lakh crore, compared to last year's Rs 2 lakh crore racked up by 79 companies, Fortune India said.

Public and private sector banks faced diverse fortunes in 2019. As many as 14 of 22 public sector banks reported cumulative losses of Rs 74,253 crore. In contrast, just two private sector banks posted losses (IDFC First Bank, at Rs 1,907.9 crore; and Lakshmi Vilas Bank, at Rs 894.1 crore). The total profit of 24 of private sector banks (including foreign banks and cooperative banks) was Rs 60,747 crore, a 6.16 percent increase over 2017-18.

Fortune India said the oil and gas sector (with eight companies) accounted for 22.3 percent of the total revenue of the 500 companies, followed by banking with 15.88 percent of the total.

The banking sector, with 48 companies, is also the biggest contributor by way of the number of companies on the list. Oil and gas, however, has the highest share of profit in the 500, at 23.44 percent.

“Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”

From MoneyControl


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