India's top 10 most profitable companies after quarter ending June 2023.
State Bank of India: Leading the pack, this public sector bank reported a net profit of ₹18,736 crore in the reviewed quarter. With a market capitalisation of ₹5,12,451.22 crore, it stands out.
Reliance Industries: India's largest company in terms of market capitalisation and revenue, it declared a net profit of ₹18,258 crore for the first quarter of FY24. Notably, this conglomerate also distributed dividends for the first time since May 2022.
Indian Oil Corporation: Despite a 2% dip in revenue, the country's top oil refiner achieved a net profit of ₹14,735 crore during the June quarter. Impressively, its share price surged nearly 30% this year.
HDFC Bank: As the world's seventh most valuable bank, it recorded a net profit of ₹12,403 crore in the April-June quarter. The merger with its parent, Housing Development Financial Corporation (HDFC), on July 1 marked a significant milestone in India's corporate history.
Tata Consultancy Services: Holding the title of the world's most valuable IT service brand, TCS reported a net profit of ₹11,120 crore during the mentioned quarter. Remarkably, its order book reached $10.2 billion in FY24's first quarter.
ICICI Bank: The leading private bank secured the sixth spot with a net profit of ₹11,015 crore in the June quarter. Its net interest income (NII) experienced a noteworthy 38% year-on-year increase, reaching ₹18,227 crore.
Bharat Petroleum Corporation Limited (BPCL): Occupying the seventh position, BPCL achieved a net profit of ₹10,644 crore in the first quarter of the current fiscal year.
Adani Power: This power and energy company under the Adani Group posted a net profit of ₹8,759 crore in the June quarter, attributed to a nearly 96% reduction in its tax bill and a nearly four-fold increase in delayed payments from power distribution companies (discoms).
Coal India: As the world's largest coal miner, it reported a net profit of ₹7,941 crore in the June quarter. Raw coal production rose by 9% to 175.4 million tonnes in Q1, up from 159.9 million tonnes in the previous year.
Hindustan Petroleum Corporation Limited (HPCL): HPCL's financials turned around, reporting a net profit of ₹6,766 crore in Q1FY24. This marked a significant improvement from the net loss of ₹8,557 crore reported during the same period last year.