Business News: The Mukesh Ambani-led Reliance Industries tops Forbes list of India's Largest Corporations. It has successfully topped the Fortune India 500 list and has ended the 10 year-long reigns of the state-owned corporation, Indian Oil Corporation.
India's largest company
Reliance Industries Limited is the first of the private companies that have become India's largest company in around 10 years, as per Fortune India reports. In the year 2018-19, the revenue of RIL was Rs 5.81 lakh crore.
Fortune India has said in a statement that the RIL has recorded an increase in its revenue of 41.5 per cent in the financial year 2018-19. This revenue was around 8.4 per cent more than the IOC (Indian Oil Corporation) which is now the second-largest company on the Fortune India 500 List.
The total revenue of RIL for the financial year 2018-19 was Rs 5.81 lakh crore, on the other hand, IOC recorded a growth in the sales of 26.6 per cent to Rs 5.36 lakh crore in 2018-19. The profits of Reliance Industries Limited for the financial year 2018-19 were at Rs. 39,588 crore, which was even more than double the IOC.
"Over the last 10 years, Reliance Industries profits at an average has been three times the profits of IOC. The highest profits that it earned in comparison to the IOC was up to 4.8 times, in the financial year 2015 when the RIL's profits were at Rs 23,566 crores and the IOC was at Rs 4,912 crore." Fortune India said.
The third spot has been grabbed by the state-owned company, Oil and Natural Gas Corporation (ONGC). ONGC was at the same spot in 2018 as well. The State Bank of India, Tata Motors and Bharat Petroleum Corporation came after the ONGC. These companies have retained the same rankings as in the year 2018.
The 7th spot has been taken by Rajesh Exports that has moved one position up since last year. Tata Steel, Coal India, Tata Consultancy Services and Larsen & Toubro have been ranked 8th, 9th, 10th and 11th respectively. All four of these have moved one spot above from the previous year rankings.
ICICI Bank has climbed two positions and has ranked at the 12th spot. It has been followed by Hindalco Industries and the HDFC Bank. Vedanta Ltd has gone there positions down and is ranked at the 18th spot in this year's list.
The overall revenue of Fortune India 500 companies in the year 2019 has grown 9.53 per cent and the profit increased by 11.8 per cent. In 2019, the loss that has been posted by the 500 companies has also reduced. 65 companies had a cumulative loss of Rs 1.67 lakh crore, in comparison to the previous year's Rs 2 lakh crore by 79 companies, as per Fortune India.
57 companies in total had been removed from the list for various reasons such as consolidation within the banks of the public sector, the public sector undertakings, and the private sector as well.
The Public and the private sector banks had diverse fortunes in the year 2019. 14 out of the 22 public sector banks had a cumulative loss of Rs 74,253 crore. In comparison with this, only two private sector banks had incurred losses namely, IDFC First Bank, at Rs 1,907.9 crore; and the Lakshmi Vilas Bank, at Rs 894.1 crore.
The profits of 24 private sector banks (including the foreign banks and the cooperative banks) were at Rs 60,747 crore. It has seen an increase of 6.16 per cent over 2017-18.
Forbes India added that the oil and gas sector that has a total of eight companies had a total revenue of 22.3 per cent of the 500 companies. This has been followed by the banking sector with a revenue of 15.88 per cent of the total.
The whole banking sector of India, that includes 48 companies, is one of the biggest contributors when it comes to the number of companies that are on the list. Although, the Oil and gas sector of India still has the highest profit share in the Fortune India 500. These profits are at 23.44 per cent.
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