Moneycontrol Be a Pro
Get App
Last Updated : Jun 04, 2019 04:37 PM IST | Source: PTI

ONGC topples IOC to regain most profitable PSU tag

ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC.


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 percent jump its in 2018-19 fiscal net profit to Rs 26,716 crore.

In comparison, IOC registered a net profit of Rs 17.274 crore for the fiscal year ended March 31, 2019.

Close

ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC.

With its refining margins under pressure due to falling oil prices, IOC had also lost the title of being India's largest company by turnover tag to billionaire Mukesh Ambani-led Reliance Industries in FY19.

IOC had in the previous 2017-18 fiscal posted a record net profit of Rs 21,346 crore. That year ONGC had a net profit of Rs 19,945 crore.

Reliance has 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.

Reliance in the 2018-19 reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.

It is now India's biggest firm in terms of revenue, profit and market capitalisation.

With strong refining margin and robust retail business, Reliance clocked a 44 percent rise in revenue in FY19 over the previous year and posted a compounded annual growth rate of over 14 percent between FY10 and FY19. In contrast, IOC turnover rose 20 percent in FY19 and 6.3 percent during FY10 and FY19.

Interestingly, Reliance which boasts of the highest cash reserves of Rs 1.33 lakh crore on the book, also has the highest gross debt of Rs 2.87 lakh crore at the end of March 2019.

In contrast, IOC had short and long-term loans totaling Rs 92,700 crore. ONGC had a debt of about Rs 20,000 crore.

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

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jun 2, 2019 06:32 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant