Fortune India List shows Reliance Industries (RIL) as India’s top firm in FY19. Reliance industries (RIL) has emerged as the number one company in terms of revenue in the fortune India 500 list for 2019, by defeating Indian oil corporation (IOC) .Reliance Industries reached Rs 5.81 trillion in FY19 where IOC has crossed Rs5.36 trillion.
In the year 2010 IOC has been topping the list, where RIL’s run towards the top list was powered by other organized retail and telecom. In terms of profits too, Mukesh Ambani- led RIL”s FY 19 net profit was ahead at Rs 39,588 crore against IOC’s Rs 17,377 crore. Over the Past 10 years, RIL‘s profit has been an average 3.01 times higher than that of IOC. The Highest of this went upon to 4.8 times in FY15.
Another aspect of the 2019 list is the dissimilarity in the fortunes of the public and private sector banks as 14 of the 22 public sector banks reported cumulative loss of Rs 74,253 crore, while the cumulative profit of 24 of the total private sector banks reported Rs 60,747 crore .The public sector banks made huge losses after several companies in the roads, power, and steel sector failed to repay their loans. Many of these companies are now facing bankruptcy proceedings in courts throughout the country.
The Fortune India 500 list also showed that the combination revenue and profit of the companies in 2019 grew by 9.53 percent and 11.8 per cent, respectively, even as 57 companies dropped off for various reasons, including consolidation within the public sector banks and public sector undertakings space.
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. Oil and gas also has the highest share of profit in Fortune 500 at 23.44 per cent. With 20 companies, the InfoTech sector contributes for 4.98 percent of the total revenue of the 500 companies, but has the second –highest share of total profit of all the companies on the list, at 16.17 per cent.
Under Fortune list 500 list Reliance is having revenue of Rs 9,179,448 crore for the FY19 and a profit of Rs 455,293 crore for the FY19. Reliance Industries (RIL) on Monday said its joint venture with BP will retail fuel under the Jio-BP brand name. The two companies entered into an agreement for forming the joint venture on Monday, RIL said in a statement. In August this year, RIL announced a joint venture with BP for its fuel retail business in India
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