India's Most Profitable Companies Of FY23
Reliance Industries continues to lead but SBI jumps to the second spot.
There were three new entries in the league of India's top 10 companies by profit even as there was no change at the top in FY23.
Reliance Industries Ltd. remained the most profitable company for the ninth straight year, while State Bank of India jumped from the sixth position last year to the second with record profit.
Here are the most profitable Indian companies of fiscal 2023:
1. Reliance Industries
With an unbroken streak of being the most profitable company of the country for nine consecutive years, Reliance Industries claimed the number one spot on this list.
India's largest company by market capitalisation and revenue reported a profit of Rs 66,702 crore in FY23, which was a 9.8% rise against the previous fiscal's figure of Rs 60,705 crore.
2. State Bank Of India
The public sector bank takes the position of the second-most profitable company, six spots higher than last year. SBI reported a net profit of Rs 55,648 crore, a 57.3% increase in comparison with Rs 35,374 crore in fiscal 2022.
3. HDFC Bank
HDFC Bank Ltd. rose two places from the fifth-most profitable company in fiscal 2022 to the third position in FY23. It saw a rise of 20.8% in net profit at Rs 45,997 crore as against Rs 38,053 crore in the year ago period.
The world's most valuable IT service brand and India's second largest company by market cap, Tata Consultancy Services Ltd. recorded a net profit of Rs 42,147 crore. It was a 9.96% rise from a profit of Rs 38,327 crore in the year ago period.
5. ICICI Bank
The Indian multinational bank rose two places from seventh to the fifth-most profitable company. ICICI Bank Ltd. saw an increase in profit by 35.5% at Rs 34,037 crore against Rs 25,110 crore in the year-ago period. Net interest income or the core income stood at Rs 62,129 crore as compared with Rs 47,466 crore in FY22.
6. Coal India
The world's largest coal miner reported a rise in net profit by 62% in fiscal 2023 despite a 17.7% fall in the March quarter due to higher provision for wage revision of employees. Coal India Ltd. saw a net profit of Rs 28,165 crore against Rs 17,358 crore in the year-ago period.
Housing Development Finance Corp. rose one spot on the list as its net profit increased to Rs 26,161 crore. India's largest mortgage financier saw an increase of 15.78% in comparison with Rs 22,595 crore in fiscal 2022.
Infosys Ltd. was the eight highest earning company for the fiscal. Its profit rose 8.9% at Rs 24,095 crore as compared with Rs 22,110 crore in the year-ago period.
ITC Ltd. reported a consolidated net profit of Rs 19,192 crore. Income grew 25.9% as compared with Rs 15,243 crore in the year-ago period.
10. Kotak Mahindra Bank
India's third largest private sector bank takes the tenth spot. Kotak Mahindra Bank Ltd. made a profit of Rs 14,925 crore, a 23.46% increase as compared with Rs 12,089 crore in the year-ago period. Core income rose 28% to Rs 21,552 crore.