Up to Rs 20,000 crore jump in net profit in FY23! Here are the top 10 companies with the highest profit rise

The majority of companies in the Nifty 50 reported a rise in their bottom-line figures in the recently concluded March quarter. Data from Ace Equity showed that the country’s biggest lender by assets State Bank of India (SBI) witnessed the biggest surge of Rs 20,274 crore in its consolidated net profits in absolute terms. The PSU lender posted a profit growth of 57 per cent YoY to Rs 55,648 crore in FY23.

At a time when global economies are staring for a slowdown or recession, India Inc numbers are throwing some light at the end of the tunnel. Data further highlighted that the combined consolidated net profits of the top 50 companies increased by 7 per cent YoY of Rs 6.37 lakh crore in FY23 against 5.94 lakh crore in FY22. In addition to this, not even a single entity reported losses for the year ended March 31, 2023.

Coal India also impressed D-Street with its number. Net profit of the coal major increased by Rs 10,807 crore (up 62 per cent) to Rs 28,165 crore in FY23 compared with Rs 17,358 crore in the last financial year. ICICI Bank with an increase of Rs 8,927 crore is at the third spot as net profit for FY23 rose 36 per cent to Rs 34,037 crore. It is followed by HDFC Bank as the country’s largest private lender saw an addition of Rs 7,944 crore in net profit (21 per cent growth) to reach Rs 45,997 in FY23 from Rs 38,053 crore in FY22.

India’s most valuable company Reliance Industries is ranked fifth on this list. With Rs 5,997 crore increase in net profit, billionaire Mukesh Ambani-led company has posted Rs 66,702 crore consolidated net profits for FY23 recording a 10 per cent annual profit growth. Some other notable profit minting companies in FY23 included Sun Pharmaceutical Industries, with a net profit increase of Rs 5,201 crore (159 per cent growth), followed by Bajaj Finance as its net profit increased by Rs 4,479 crore. Maruti Suzuki India's profit was up by Rs 4,332 crore, Bharti Airtel's profit rose Rs 4,091 crore, and ITC's was up by Rs 3,949 crore.

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