Mukesh Ambani-led Reliance Industries Limited (RIL), becomes the biggest Indian company by revenue, beating the state-owned Indian Oil Corporation (IOC).
For the financial year 2018-19 that ended on 31 March, RIL reported a turnover of Rs 6.23 lakh crore, while IOC posted a turnover of Rs 6.17 lakh for the same period according to regulatory filings of both the companies.
It also becomes the most profitable company in the country, with a reported net profit that is double than that made by IOC in 2018-19.
Reliance was half the size of IOC a decade ago, however, its bet to flourish and branch out from oil business to consumer-based goods and services like retail and telecom helped grow its business at a faster rate. Its net profit was reported at Rs 39,588 crore for FY19, while IOC made Rs 17,274 crore.
IOC may have lost its title of the most profitable PSU for FY19 to ONGC (Oil and Natural Gas Corp). ONGC has not declared its results for the last quarter of FY19. However, for the first nine months, its net profit amounts to Rs 22,671 crore.
IOC is dependent on oil refining, petrochemicals and gas businesses for its revenue, which declined by 23.6 percent in 2018-19 by 23.6 percent to over Rs 22,189.45 crore it made in the year before.
RIL, on the other hand, saw an increase in its net profit by 13 percent to Rs 34,988 crore in 20117-18.