“SBI Claims Top Spot as India’s Highest Earning Firm in Q1 FY24, Surpassing Reliance Industries”

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In a notable financial achievement, the State Bank of India (SBI) has emerged as India’s most profitable company for the first quarter of the ongoing financial year 2023-24 (Q1 FY24). According to data sourced from Capitaline Databases, a comprehensive digital repository of listed and unlisted Indian companies, SBI’s net profit during the June quarter stood at ₹18,736 crore, securing it the top position. The venerable financial institution surpassed Reliance Industries Limited (RIL), helmed by business magnate Mukesh Ambani, which posted a net profit of ₹18,258 crore during the same period.

SBI’s impressive financial performance propelled it ahead of other prominent companies in India. Indian Oil Corporation Limited (IOCL) secured the third spot in terms of net profit for Q1 FY24, followed by HDFC Bank and Tata Consultancy Services (TCS) at the fourth and fifth positions, respectively.

ICICI Bank stood sixth, trailing TCS by a slight margin, while Bharat Petroleum Corporation Limited (BPCL) and Adani Power secured the seventh and eighth positions. The list concluded with Coal India at ninth place and Hindustan Petroleum Corporation Limited (HPCL) at the tenth.

Top 10 Most Profitable Companies in 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

About State Bank of India (SBI):

SBI, a prominent public sector financial institution headquartered in Mumbai, has made significant strides in India’s banking landscape. It holds the distinction of being the 48th largest bank globally in terms of total assets. With a staggering 23% market share by assets, SBI stands as India’s largest bank and commands a one-fourth share of the nation’s total loans and deposits market.

Employing nearly 250,000 individuals, SBI plays a pivotal role in the Indian economy, contributing significantly to employment opportunities in the country. Its formidable position in the financial sector reflects its dedication to providing comprehensive banking services and fostering economic growth.

SBI’s Q1 FY24 success underscores its resilience and strategic prowess in navigating the ever-evolving financial landscape, solidifying its position as a key player in India’s economic growth story.

Sources By Agencies