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ONGC, India’s top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain the crown of being the country’s most profitable public sector company. According to earnings statements of the listed companies, Oil and Natural Gas Corp (ONGC) reported a 34 per cent jump its in 2018-19 fiscal net profit at ₹26,716 crore. In comparison, IOC registered a net profit of ₹17,274 crore. ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC. With its refining margins under pressure due to falling oil prices, IOC had also lost the title of being India’s largest company by turnover tag to Reliance Industries in FY19.
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