Indian Oil Corp retains top rank in Fortune 500 list

State-run Indian Oil Corp is the biggest company in terms of revenue, followed by Reliance Industries, according to the Fortune 500 list of Indian companies for 2012.

This year's list of the country's 500 largest corporations, compiled by the business magazine Fortune's Indian edition, features as many as 55 new entities.

Indian Oil Corp is the biggest company with annual revenue of Rs 4,20,287 crore, followed by Mukesh Ambani-led RIL with a full-year revenue of Rs 3,67,539 crore. Bharat Petroleum is at third spot with a revenue of Rs 2,14,866 crore.

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The three firms -- IOC, RIL and BPCL -- have retained their last year's respective ranks, Fortune India said.

Hindustan Petroleum is fourth with annual revenue of Rs 1,87,693 crore and State Bank of India fifth with Rs 1,77,033 crore revenue.

"The rankings take note of the downturn and show that there is little to cheer, with profits decreasing despite increased revenue," Fortune India said.

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Among others in the top 10 are --Tata Motors (sixth), ONGC (seventh), Tata Steel (eighth), Coal India (ninth) and Hindalco Industries (10th).

The magazine said that total sales of Fortune 500 companies have grown at 23.77 per cent year-on-year.

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"The larger companies fared better than the ones lower down the list; companies that earned above Rs 10,000 crore showed a higher increase in revenue than the full 500.

"Ditto for profit growth, except for 14 companies with revenues between Rs 15,000 crore and Rs 20,000 crore, whose profits fell 13 per cent. The smaller companies (under 5,000 crore), suffered the most," the magazine noted.

Also, the government continues to play a big role in business, with a total of 83 state-owned firms on this year's list, Fortune India said.