Continuing on high growth path, corporate India posted an over Rs 19,000 billion of total income in fiscal 2007, reflecting strong fundamentals and positive outlook for the economy.

As many as four state-run oil firms have emerged among the top five companies in the country in terms of total income for fiscal 2007. Reliance Industries [Get Quote] is the sole representative of the private sector among first five.

The aggregate total income of all the top 500 companies has grown 28.4 per cent to Rs 19,335 billion in FY07 as compared to the previous fiscal, a report by leading global business information provider Dun & Bradstreet said.

State-run Indian Oil Corporation [Get Quote] is at the top with a total income of Rs 21,63,97.85 crore, which grew 22.5 per cent followed by Reliance Industries with Rs 1,12,171 crore in fiscal 2006-07. The other state-run firms in the top five include - Bharat Petroleum Corporation Ltd [Get Quote], Hindustan Petroleum Corporation Ltd [Get Quote] and Oil and Natural Gas Corporation reporting Rs 98,293.4 crore, Rs 89,725.7 crore and Rs 60,870.61 crore total incomes respectively in the last fiscal.

"Reflecting the growth opportunity inherent in the Indian economy and the ability of India Inc to capitalise on that, we saw over 20 per cent new companies make it to the top 500 list this year. These 103 new companies that debuted on the list witnessed a 58 per cent increase in their cumulative total income," Dun & Bradstreet (India) Chief Operating Officer Kaushal Sampat said.

Besides, public sector companies rule the roost in terms of market capitalisation with 54 of them featuring in the top 500 list, commanding a higher share of 25.2 per cent in the combined market cap of the top 500 companies.

The report revealed that almost 51 per cent of cumulative total income came from four sectors, namely oil-refining & marketing, banks, software & ITes and automobiles. Interestingly, mid-cap companies dominate the list with a share of 46.8 per cent or 234 firms. However, large cap firms account for 87 per cent of the aggregate market cap, the D&B report added.

ONGC [Get Quote] was the top company in terms of market cap in 2006-07 with a valuation of Rs 1.74 lakh crore followed by corporate behemoth Reliance Industries with Rs 1.60 lakh crore, NTPC (Rs 1.07 lakh crore), IT major Infosys [Get Quote] (Rs 1.045 lakh crore) and Tata Consultancy Services [Get Quote] (Rs 1.040 lakh crore).

The 8th edition of its annual publication 'India's Top 500 Companies 2007' covers 53 diverse sectors and captures the underlying transformation witnessed in the Indian corporate segment during the past year.