MukeshAmbani's oil-to-telecom conglomerate Reliance Industries Ltd. has toppled IndianOil Corporation (IOC) to become India's biggest company by revenue.
Reliancewhich was half the size of IOC until a decade back became the most profitablecompany in India with a net profit of more than double of IOC in the financial year2019.
Asreported, the company's turnover in the 2018-19 fiscal year that ended in March31 was Rs. 6.23 lakh crore. Whereas, the state-owned IOC's turnover was Rs.6.17lakh crore, according to regulatory filings of both the companies.
Netprofit of IOC in 2018-19 which depends on refining, petrochemicals and gasbusiness for its revenue had declined by 23.6 per cent over Rs.22,189.45 crorenet profit it had earned in 2017-18.
However,Oil and Natural Gas Corp (ONGC) is yet to declare its earnings for the financialyear 2019 though it had a net profit of Rs.22, 671 crore in the first ninemonths of the fiscal year. ONGC had a net profit of Rs 19,945.26 crore in2017-18 fiscal, lagging behind IOC.
