Mukesh Ambani’s Rs 17 trillion Reliance Industries no longer India’s most profitable firm, toppled by SBI

Mukesh Ambani led Reliance Industries is the most valuable company in India. With a market cap of more than Rs 17 trillion, Reliance Industries has helped Mukesh Ambani become the richest person in the country as well as the continent. The Ambani owned multinational conglomerate deals in several sectors including energy, petrochemicals, natural gas, retail and more. Mukesh Ambani’s Reliance Industries is not only India’s most valuable company but it was also the country’s most profitable company for almost a decade until now. As per a latest report by Business Standard, Reliance Industries has been toppled from the position of India’s most profitable company by State Bank of India (SBI). According to the report, Reliance Industries lost out to SBI in 2023-24 (FY24) April-June quarter.

In the Q1 of FY2024, Reliance Industries trailing 12-month (TTM) adjusted net profit of Rs 64,758 crore. On the other hand, India’s biggest lender SBI consolidated net profit of Rs 66,860 crore during the TTM ended in June this year. SBI’s quarterly net profit in Q1FY24 at Rs 18,537 crore was also ahead of Reliance Industries quarterly net profit of Rs 16,011 crore.

Mukesh Ambani’s Reliance Industries lost the title of India’s most profitable company last time to IndianOil during the TTM ended April-June quarter of 2012-13. Until the October-December quarter of FY12, ONGC was ahead of Reliance Industries in the profit league. This is also only the second time in the last two decades that SBI has reported a higher net profit on a TTM basis.