Reliance: A Government Company That Shocked Ambani.. Pushed Reliance Back To The Top.. What Is It?

Reliance: Reliance Industries, led by legendary industrialist Mukesh Ambani, continues to be the most profitable and valuable company in India. The market capitalization of this company is 17 trillion dollars. Reliance is the reason why Mukesh Ambani became the richest man in Asia. The company has various businesses including energy, petrochemicals, natural gas and retail. As a result, it has been the most profitable company in the country for the last 10 years. However, now the company is in for a shock. It had to be limited to the second position in that list. A government organization is the reason for that.

According to the latest report released by Business Standard, Reliance Industries has lost its position as the most profitable company in India. State Bank of India (SBI), the country’s largest bank, has become the most profitable institution in a shock to Mukesh Ambani. SBI has occupied the first position in this list pushing Reliance back. State Bank has achieved this feat in the results of the first quarter of the financial year 2023-24. When looking at the performance of the companies in the last 12 months.. State Bank pushed Reliance back. It has reached the number 1 position among the most profitable companies in the country.

From June 2022 to June 2023, Reliance Industries’ net profit was Rs. 64, 758 crores. Also State Bank of India’s net profit during this 12 month period was Rs. 66, 860 crores. Also in the first quarter of the financial year 2024 in April-June the profit of State Bank of India was Rs. 18, 538 crores. At the same time, Reliance’s net profit was Rs. 16,011 crores. This means that in Q1 results, SBI’s net profit is Rs. 2,526 crores is higher. With this, State Bank has become the most profitable company in the country, pushing Reliance back. However, Reliance still remains at the top position as the most valuable company.

The last time Reliance lost its top spot as the most profitable company was in the October-December quarter of 2012-13. Coming back to the top position again.. It is noteworthy that SBI has grabbed that position again after a decade. Ten years ago Indian Oil Corporation moved to the number 1 position.

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