<div align="justify">The Indian Oil Corporation (IOC) has overtaken the Oil and Natural Gas Corporation (ONGC) to become the country’s most profitable state-owned company.<br /><br />IOC, which has for decades been India’s biggest company by turnover, posted a 70% jump in net profit to Rs 19,106.40 crore in the financial year ended March 31, 2017.<br /><br />This was more than the Rs 17,900 crore net profit ONGC posted in the 2016-17 fiscal, making IOC the most profitable PSU, according to earning statements of the companies.<br /><br />Reliance Industries retained the crown of being India’s most profitable company for the third year in a row, posting a net Rs 29,901 crore in financial year 2016-17, while Tata Consultancy Services, India’s largest software services exporter, with a net profit of Rs 26,357 crore, was the second most profitable company.<br /><br />ONGC was long India’s most profitable company but lost the crown to private sector Reliance and TCS a couple of years back. It has now been unseated as the most profitable PSU by IOC.<br /><br />In the previous 2015-16 fiscal, IOC had a net profit of Rs 11,242.23 crore as compared to ONGC’s Rs 16,140 crore.<br /><br />While IOC Chairman B Ashok attributed the profit growth to higher refining margins, inventory gains and operational efficiencies, ONGC Chairman and Managing Director Dinesh K Sarraf said the company lost Rs 3,000 crore in net profit due to the government’s natural gas pricing policy that has made the business economically unviable.<br /></div>
<div align="justify">The Indian Oil Corporation (IOC) has overtaken the Oil and Natural Gas Corporation (ONGC) to become the country’s most profitable state-owned company.<br /><br />IOC, which has for decades been India’s biggest company by turnover, posted a 70% jump in net profit to Rs 19,106.40 crore in the financial year ended March 31, 2017.<br /><br />This was more than the Rs 17,900 crore net profit ONGC posted in the 2016-17 fiscal, making IOC the most profitable PSU, according to earning statements of the companies.<br /><br />Reliance Industries retained the crown of being India’s most profitable company for the third year in a row, posting a net Rs 29,901 crore in financial year 2016-17, while Tata Consultancy Services, India’s largest software services exporter, with a net profit of Rs 26,357 crore, was the second most profitable company.<br /><br />ONGC was long India’s most profitable company but lost the crown to private sector Reliance and TCS a couple of years back. It has now been unseated as the most profitable PSU by IOC.<br /><br />In the previous 2015-16 fiscal, IOC had a net profit of Rs 11,242.23 crore as compared to ONGC’s Rs 16,140 crore.<br /><br />While IOC Chairman B Ashok attributed the profit growth to higher refining margins, inventory gains and operational efficiencies, ONGC Chairman and Managing Director Dinesh K Sarraf said the company lost Rs 3,000 crore in net profit due to the government’s natural gas pricing policy that has made the business economically unviable.<br /></div>