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ONGC, SBI on Fortune 500 list
By agencies
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Monday, 23 May 2005, 19:30 IST
NEW DELHI: ONGC and SBI may join the Fortune 500 list of companies this year. Due to high oil prices, the turnover of Oil and Natural Gas Corporation has increased at a much higher rate than sales volume. As a result, the companies already on the list may see an upward movement in their rankings.
The State Bank of India, which came out with FY05 financial results last Friday, had a consolidated turnover of Rs 54,735.7 crore ($12,178 million). The 500th company on last years list was the Toronto-Dominion Bank of Canada with revenues of $10,827.2 million. However, the dollar has lost ground against a host of other currencies over the past year, and it is possible that the cut-off may increase by over 12.5 percent, in which case, SBI will not be in the list.
However, inclusion of ONGC seems almost certain. The company had a net income of Rs 46,025 crore ($10,241 million) in FY05 40 percent more than last year on account of higher crude oil prices. However, this number doesnt include subsidiaries Mangalore Refineries and ONGC Videsh. These two companies clocked sales of $4,595 million and $1,234 million during the year. Hence, consolidated income for the group could be in excess of $15 billion.
The four Indian companies already in the list can expect significant improvement in their rankings. Of the four, Reliance and BPCL have already declared results for FY05.
Their consolidated income is $15,136 million and $14,415 million respectively significantly more than last years figures. The increase in income has largely been on account of higher prices of petroleum products during the year.