ONGC, India’s top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain crown 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 per cent jump in its 2018-19 fiscal net profit to Rs 26,716 crore.
In comparison, IOC registered a net profit of Rs 17,274 crore 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.
