Reliance tops IOC in sales
Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue.
In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.
RIL was also the most profitable company in the country with a net profit of more than double that of IOC in 2018-19.
Reliance was about half the size of IOC till about a decade back. However, its bet on the burgeoning consumer base and a foray into areas such as telecom, retail, and digital services vastly expanded its business. The company clocked a net profit of Rs 39,588 crore in 2018-19.
