Question: Which of the following became the most profitable Public Sector Company of India recently?
- Oil and Natural Gas Corporation (ONGC) overtook Indian Oil Corporation (IOC) to become the country’s most profitable public sector company.
- It is India’s top oil and gas producer.
- ONGC reported a 34 per cent jump in its 2018-19 fiscal net profit to 26,716 crore rupees while IOC registered a net profit of 17,274 crore rupees for the fiscal year ended 31st March, 2019.
- With its refining margins under pressure due to falling oil prices, IOC had also lost the title of being India’s largest company by turnover tag to billionaire Mukesh Ambani-led Reliance Industries in FY19.
- In 2017-18 fiscal, IOC had posted a record net profit of 21,346 crore rupees. That year ONGC had a net profit of 19,945 crore rupees.