New Delhi: State-run Indian Oil Corporation is the country's largest company in terms of revenue, followed by Reliance Industries and Bharat Petroleum in the second and third place respectively, according to the Fortune 500 list of Indian companies for 2014.

Indian Oil Corp (IOC) tops the chart with an annual revenue of Rs 5,00,973 crore, while Mukesh Ambani-led Reliance Industries Ltd's (RIL) full-year revenue is Rs 4,44,021 crore.

Bharat Petroleum (BPCL) is at the third spot with a revenue of Rs 2,67,718 crore. Hindustan Petroleum's (HPCL) Rs 2,36,797 crore revenue earned the fourth place in the Fortune 500 list.

IOC, RIL, BPCL and HPCL have retained their last year's respective ranks, Fortune India said.

This year's list, compiled by global business magazine Fortune's Indian edition, said there has been a 9.5 per cent annual growth in total revenues, while in terms of profit it is 4.5 per cent.

The government-owned companies, which account for 38 per cent of the total revenue, have seen a 6.6 per cent growth, while private companies with 56.7 per cent share have seen revenue growing by 10.2 per cent.

Foreign-owned companies with 5.3 per cent share have posted a 25.5 per cent revenue growth, Fortune India said.

Others in the top 10 list include Tata Motors (5th in the ranking, with a revenue of Rs 2,36,502 crore. State Bank of India (Rs 2,26,944 crore), ONGC (Rs 1,82,084 crore), Tata Steel (Rs 1,49,663 crore), Essar Oil (Rs 99,473 crore) and Hindalco Industries (Rs 89,175 crore) figure in the list in that order.

A look at this year's Fortune India 500 through 'Make in India' lens revealed that manufacturing with 298 companies has a 67 per cent share of the total revenue, marginally lower than 68.7 per cent in 2013. The revenue share of services companies (143 firms) has increased to 27.7 per cent from 26.3 per cent in 2013.

Profits also show a similar trend, while manufacturing share has fallen to 55.1 per cent from 56.6 per cent, that of services has gone up to 44.1 per cent from 40.9 per cent.

"Manufacturing then, definitely needs a helping hand and 'Make in India' could just be the ticket," the magazine said adding that "the specific pain points that need to be addressed include the issue of retrospective taxation, labour and foreign direct investment".