India’s top oil and gas producer company, ONGC, has toppled Indian Oil Corp (IOC) to regain the position of being the country’s most profitable public sector company. According to earnings statements of the listed companies, Oil and Natural Gas Corp (ONGC) reported a 34% jump in its 2018-19 fiscal net profit to 26,716 crore rupees.
In comparison, IOC registered a net profit of 17,274 crore rupees for the fiscal year ended March 31, 2019. ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC.
With its refining margins under pressure due to falling oil prices, IOC had also lost the title of being India’s largest company by turnover tag to billionaire Mukesh Ambani-led Reliance Industries in FY19.
IOC had in the previous 2017-18 fiscal posted a record net profit of 21,346 crore rupees. That year ONGC had a net profit of 19,945 crore rupees.
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