Mukesh Ambani-led Reliance Industries has ended state-owned Indian Oil Corporation's 10-year reign as India's largest company to top Fortune India 500 list. RIL is the first privately-held company to become the largest corporation in India in 10 years, said Fortune India. RIL had a revenue of Rs 5.81 lakh crore in 2018-19.
Fortune India said RIL posted a 41.5 per cent rise in its revenue in the financial year 2018-19, which was 8.4 per cent more than IOC, the second-largest company on the list. RIL's 2018-19 revenue stood at Rs 5.81 lakh crore, while IOC posted a growth of 26.6 per cent in sales to Rs 5.36 lakh crore in the same year. RIL's profit for 2018-19 was also more than double that of IOC at Rs 39,588 crore.
"Over the past 10 years, the oil-to-retail conglomerate's profit has been an average three times higher than that of IOC. The highest it touched compared to IOC was up to 4.8 times, in FY15 when RIL's profit was Rs 23,566 crore and the public sector major's stood at Rs 4,912 crore," it said.
The third spot went to state-owned Oil and Natural Gas Corporation (ONGC) that has retained its 2018 spot. It was followed by State Bank of India, Tata Motors and Bharat Petroleum Corporation. All these companies retained their previous rankings.
On the 7th spot was Rajesh Exports that climbed one position from the year before. Tata Steel, Coal India, Tata Consultancy Services and Larsen & Toubro were ranked 8th, 9th, 10th and 11th respectively. They all climbed a spot from the previous rankings.
ICICI Bank rose two positions to be placed on the 12th spot, followed by Hindalco Industries and HDFC Bank. Vedanta Ltd slipped three positions to be ranked 18th on the 2019 list.
Overall, the revenue of the Fortune India 500 companies in the 2019 list grew 9.53 per cent, while profit rose 11.8 per cent. This year, the total loss posted by the 500 companies also came down, with 65 companies posting a cumulative loss of Rs 1.67 lakh crore, compared to last year's Rs 2 lakh crore racked up by 79 companies, Fortune India said.
A total of 57 companies dropped off the list for reasons including consolidation within the public sector banks, public sector undertakings, as well as the private sector.
Public and private sector banks faced diverse fortunes in 2019. As many as 14 of 22 public sector banks reported cumulative losses of Rs 74,253 crore. In contrast, just two private sector banks posted losses (IDFC First Bank, at Rs 1,907.9 crore; and Lakshmi Vilas Bank, at Rs 894.1 crore). The total profit of 24 of private sector banks (including foreign banks and cooperative banks) was Rs 60,747 crore, a 6.16 per cent increase over 2017-18.
Fortune India said the oil and gas sector (with eight companies) accounted for 22.3 per cent of the total revenue of the 500 companies, followed by banking with 15.88 per cent of the total.
The banking sector, with 48 companies, is also the biggest contributor by way of the number of companies on the list. Oil and gas, however, has the highest share of profit in the 500, at 23.44 per cent.
(With PTI inputs)