(PTI)
Fuel retailer IOC has for the second year in a row beaten ONGC to become India’s most profitable state-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates. Indian Oil Corporation, which has for decades been India’s biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal. Oil and Natural Gas Corp (ONGC) yesterday reported its FY18 numbers – 11.4 per cent rise in net profit to Rs 19,945 crore.
Billionaire Mukesh Ambani-led Reliance Industries retained the crown of being India’s most profitable company for the third year in a row, posting highest ever net profit of Rs 36,075 crore. Tata Consultancy Services, India’s largest software services exporter, with a net profit of Rs 25,880 crore was the second most profitable company in the country.
