The Mukesh Ambani-led Reliance Industries (RIL), which was about half the size of Indian Oil Corporation (IOC) till nearly 11 years ago, has displaced the public sector refiner as the biggest company by revenue.
While the net revenue of RIL surged by 44.8% in FY19 to `5.67 lakh crore, the revenues of IOC rose by 28.03% during the year to `5.28 lakh crore — `38,986 crore less than that of RIL, Bloomberg data show. With this milestone, RIL has achieved the numero uno position in terms of all three parameters — revenue, profit and market capitalisation.
With strong refining margins and an increased focus on the retail business, RIL witnessed a 14.1% CAGR for its full-year revenues between FY10 and FY19. In contrast, revenues of IOC grew at a much slower pace of 6.3% during the same period. Read More