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Friday, June 1, 2018

Indian Oil Corporation (IOC) most profitable PSU for second consecutive year

Indian Oil Corporation (IOC) has for the second year in a row beaten Oil and Natural Gas Corp (ONGC) to become India’s most profitable state-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates.

IOC, which has for decades been India’s biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal. ONGC yesterday reported its FY18 numbers - 11.4 per cent rise in net profit to Rs 19,945 crore.

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