State Bank of India (SBI), the fifth most valued company on the BSE, has reported a 24% growth in the March quarter earnings at Rs 20,698 crore, making the bank the most profitable Indian company.
Reliance Industries stands as the most valuable company in India that has solidified its position as a powerhouse in various sectors. Reliance Industries chairman Mukesh Ambani is the richest man in Asia with a massive net worth of approximately Rs 916159 crore. However, you might be shocked to know that currently, Mukesh Ambani-led Reliance is not India’s most profitable firm.
State Bank of India (SBI), the fifth most valued company on the BSE, has reported a 24% growth in the March quarter earnings at Rs 20,698 crore, making the bank the most profitable Indian company. This feat surpasses even Reliance Industries, known for its high profitability, while the bank's annual profit peaked at Rs 61,077 crore.
At earnings of Rs 20,698 crore, SBI’s March quarter net income turned out to be higher than that of the consolidated numbers of Reliance, which for many decades had been renowned as the most profitable company in the country.
According to the New Indian Express, Reliance Industries’ Q4 net income recorded Rs 18,951 crore. This figure marks a slight dip from Rs 19,299 crore recorded last year. However, in terms of annual earnings, Reliance remains at the top with Rs 69,621 crore in consolidated earnings, while SBI’s is lower at Rs 61,077 crore. Currently, the market capitalisation of Reliance Industries stands at Rs 19.05 trillion.
Even from revenue from the operations side, SBI leads the entire corporation by a wide margin with an annual revenue of Rs 1.11 trillion. This is a significant surge of 19% from the prior year's reported figure of 92,951 crores, marking their dominant position in the market.
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