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  Business   IOC, Reliance Industries retain top slots in India

IOC, Reliance Industries retain top slots in India

AGE CORRESPONDENT
Published : Dec 25, 2015, 5:29 am IST
Updated : Dec 25, 2015, 5:29 am IST

Whilst the state-run oil refining giant Indian Oil Corporation (IOC) has maintained its number one position revenue-wise at Rs 4,51,911 crore, followed by Reliance Industries at Rs 3,82,565 crore for

Whilst the state-run oil refining giant Indian Oil Corporation (IOC) has maintained its number one position revenue-wise at Rs 4,51,911 crore, followed by Reliance Industries at Rs 3,82,565 crore for the 6th consecutive year, Tata Motors (Rs 2,67,025) bettered its position from 5th to 3rd nudging out state-owed refiner BPCL, according to Fortune 500s ranking of Indian companies 2015.

State Bank of India (Rs 2,57,289) too bettered its position to 4th from 6th.

The sixth position is held by Hindustan Petroleum with a revenue of Rs 2,13,380 crore, followed by ONGC Rs 1,65,161 crore, Tata Steel Rs 1,41,669 crore, Hindalco Industries Rs 1,06,897 crore and TCS Rs 98,368 crore.

Interestingly, the global business magazine reflects the picture of a struggling corporate India in its findings. “While the total revenue of Fortune’s India 500 companies has nearly doubled from Rs 38,16,000 crore in 2010 to Rs 71,27,000 crore in 2015, the same cannot be said of profits, which went up by a meagre 3.6 per cent over the period. Compared to 2014, the profits have actually fell by 5.9 per cent.”

Global credit rating agency Fitch’s India Ratings had earlier had cautioned that capex growth would be stifled for the next two to three years as a large number of corporates were struggling with high debt and low cash generation, which restrict their ability to accessing capital.

The global magazine says “While the overall scene does not seem too promising, companies are swimming against the tide to deliver value to customers and shareholders.”