Mumbai, May 31:
With the results season for 2014-15 drawing to a close, oil refining-to-retail major Reliance Industries has emerged as the top Indian corporate to earn the highest net profit, followed by Tata Consultancy Services (TCS) and the state-owned Oil and Gas Corporation (ONGC).
The Mukesh Ambani led-conglomerate reported a consolidated net profit of Rs.23,566 crore for 2014-15.
The consolidated net profit for the full financial year was up 4.8 percent from Rs.22,493 crore in 2013-14.
Reliance Industries profitability has also sustained its chairman Ambani’s stature as the world’s richest Indian with a net worth of $19.6 billion, according to US business magazine Forbes.
The second in line for earning the highest net profits for 2014-15 was the IT major TCS, whose net profit stood at Rs.19,852 crore. The net profit grew by 3.59 percent from Rs.19,163.87 crore.
The state-run ONGC came was in the third position by earning a net profit of Rs.18,334 crore. However, the company’s net profit fell by 30.83 percent from Rs.26,506.53 crore during 2013-14.
The other major corporate earners include State Bank of India (SBI), whose net profit stood at Rs.16,994 crore, Tata Motors at Rs.13,986 crore, and Coal India at Rs.13,727 crore.
Even on the fourth quarter of 2014-15 results basis, the Ambani led-conglomerate topped the list for the highest net profit earners.
The net profit for the fourth quarter of 2014-15 stood at Rs.6,381 (over $1 billion), thanks to a jump in refining margins to $10.1 per barrel, this also beat market expectations.
The company’s net profit for the corresponding period of 2013-14 stood at Rs.5,631 crore.
Reliance was followed by Coal India, whose net profit stood at Rs.4,239 crore, however, this was a decline of 4.4 percent from Rs.4,434.18 crore in the corresponding time frame in 2014.
IT major TCS came in at third spot, with net profit stood at Rs.3,713 crore. However, the net profit was down by 30.69 percent at Rs.5,357.61 crore.
TCS was followed by Infosys with a net profit of Rs.3,097. It grew by 3.5 percent from Rs.2,883 crore.
On stand-alone basis state-run oil refiner and marketer Indian Oil was the highest quarterly net profit earner this season.
It stood at Rs.6,285 crore. However, the net profit was down 33 percent from Rs.9,389 crore in the corresponding quarter of the previous fiscal.
IOC was followed by ONGC, whose stand-alone net profit stood at Rs.3,935 crore and SBI whose net profit stood at Rs.3,742 crore. (IANS)