RIL boos IOC; Becomes #1 in revenue profit and market capitalism
Mukesh Ambani’s Reliance Industries Limited (RIL) has tipped state-owned Indian Oil Corporation (IOC) to become India’s biggest company by revenue in the 2018-19 fiscal year that ended on March 31.
The company reported a turnover of Rs 6.23 lakh crore in contrast to IOC’s Rs 6.17 lakh crore for the same period. This year, it has recorded a net profit of Rs 39,588 crore against IOC’s Rs 17.274 crore.
Interestingly, the RIL that has top notched the cash reserves of Rs 1.33 lakh crore, also has the highest gross debt of Rs 2.87 lakh crore. The IOC on the other hand has had a total liability of Rs 92,700 crore. It may be noted that the RIL was just about half the size of IOC about 10 years back.