State Bank of India (SBI) has emerged as the most profitable company in the first quarter (Q1) of the ongoing financial year (FY) 2023-24.
The country’s largest lender secured the top spot ahead of Mukesh Ambani’s Reliance Limited (RIL), reported HT’s sister publication Mint citing data from Capitaline Databases, a digital database of 35,000 listed and unlisted companies in India.
Most profitable companies in Q1 FY24
SBI’s net profit in the June quarter of FY24 stood at ₹18,736 crore, marginally ahead of RIL’s ₹18,258 crore. Indian Oil Corporation Limited (IOCL) stood third, and was followed by HDFC Bank and Tata Consultancy Services (TCS), respectively.
ICICI Bank, meanwhile, was marginally behind TCS, and came sixth. Bharat Petroleum Corporation Limited (BPCL) and Adani Power placed seventh and eighth, respectively. The list was rounded off by Coal India at ninth, and Hindustan Petroleum Corporation Limited (HPCL) in the tenth spot.
| Position | Company | Net profit for Q1 FY24 |
| 1. | State Bank of India | ₹18,736 crore |
| 2. | Reliance Industries Limited | ₹18,258 crore |
| 3. | Indian Oil Corporation Limited | ₹14,735 crore |
| 4. | HDFC Bank | ₹12,403 crore |
| 5. | Tata Consultancy Services | ₹11,120 crore |
| 6. | ICICI Bank | ₹11,015 crore |
| 7. | Bharat Petroleum Corporation Limited | ₹10,644 crore |
| 8. | Adani Power | ₹8759 crore |
| 9. | Coal India | ₹7941 crore |
| 10. | Hindustan Petroleum Corporation Limited | ₹6766 crore |
State Bank of India (SBI)
A public sector institution, the State Bank of India is the 48th largest bank in the world by total assets. Headquartered in Mumbai, SBI is India’s largest bank due to its 23% market share by assets, and one-fourth share of the total loan and deposits market.
Serviced by nearly 250,000 people, it is also the fifth-largest employment provider in the country.
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