ONGC,\nIndia’s top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain\ncrown of being the country’s most profitable public sector company.<\/p>\n\n\n\n
According to earnings statements of the listed companies, Oil and\nNatural Gas Corp (ONGC) reported a 34 per cent jump in its 2018-19 fiscal net\nprofit to Rs 26,716 crore.<\/p>\n\n\n\n
In comparison,\u00a0IOC\u00a0registered a net profit of Rs 17,274 crore for the fiscal year ended March 31, 2019.<\/p>\n\n\n\n
ONGC, in the previous two financial years, had lost the most profitable\u00a0PSU\u00a0tag to\u00a0IOC.<\/p>\n\n\n\n
With its refining margins under pressure due to falling oil prices,\u00a0IOC\u00a0had also lost the title of being India’s largest company by turnover tag to billionaire Mukesh Ambani-led\u00a0Reliance\u00a0Industries in FY19.<\/p>\n\n\n\n
IOC had in the previous 2017-18 fiscal posted a record net profit of Rs 21,346 crore. That year\u00a0ONGC\u00a0had a net profit of Rs 19,945 crore.<\/p>\n\n\n\n
Reliance\u00a0has been India’s most profitable company for the fourth year in a row. RIL, which was about half the size of IOC till about a decade back but its bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business, clocked a net profit of Rs 39,588 crore in FY19.<\/p>\n\n\n\n
Reliance\u00a0in the 2018-19 reported a turnover of Rs 6.23 trillion. In comparison, IOC posted a turnover of Rs 6.17 trillion for the fiscal, according to regulatory filings by the two\u00a0companies.<\/p>\n\n\n\n
It is now India’s biggest firm in terms of revenue, profit and\nmarket capitalisation.<\/p>\n\n\n\n
With strong refining margin and robust retail business, Reliance\nclocked a 44 per cent rise in revenue in FY19 over the previous year and posted\na compounded annual growth rate of over 14 per cent between FY10 and FY19. In contrast,\nIOC turnover rose 20 per cent in FY19 and 6.3 per cent during FY10 and FY19.<\/p>\n\n\n\n
Interestingly, Reliance which boasts of the highest cash reserves\nof Rs 1.33 trillion on the book, also has the highest gross debt of Rs 2.87\ntrillion at the end of March 2019.<\/p>\n\n\n\n
In contrast, IOC had short and long-term loans totalling Rs 92,700 crore.\u00a0ONGC\u00a0had a debt of about Rs 20,000 crore.<\/p>\n","protected":false},"excerpt":{"rendered":"
ONGC, India’s top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain crown of being the country’s most profitable public sector company. According to earnings statements of the listed companies, Oil and Natural Gas Corp (ONGC) reported a 34 per cent jump in its 2018-19 fiscal net profit to Rs 26,716 crore. […]<\/p>\n","protected":false},"author":13,"featured_media":1877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[],"class_list":["post-1876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/1876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=1876"}],"version-history":[{"count":2,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/1876\/revisions"}],"predecessor-version":[{"id":3361,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/1876\/revisions\/3361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/1877"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=1876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=1876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=1876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}