RIL turns first Indian firm to register $100b revenue
New Delhi, May 6: Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business.
The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to
`16,203 crore in the quarter ended March 31, 2022 from `13,227 crore, the firm said in a statement.
Net profit, however, fell
12.6 per cent sequentially —- breaking a six-quarter chain of quarter-on-quarter improvement.
Reliance's earnings also rose because of a rise in broadband subscribers, online retail gaining traction and new energy investment picking roots.
Consolidated revenue of the nation's biggest company by market value rose
35 per cent year-on-year to
`2.32 lakh crore in the fourth quarter of FY22.
For the full fiscal 2021-22 (April 2021 to March 2022), Reliance reported a net profit of `60,705 crore on a revenue of `7.92 lakh crore ($102 billion).
It is the first Indian company to have crossed $100 billion revenue in a year.
The firm reported the highest-ever quarterly
EBITDA (earnings before interest, taxes, depreciation and amortisation) of
`33,968 crore, up 28 per cent year-on-year.
O2C (oil-to-chemical) business EBITDA was up
25 per cent at `14,241 crore, while digital services pre-tax earnings at
`11,209 crore were 25 per cent more than last year.
Retail EBITDA was up
2.5 per cent at `3,712 crore and gas production from satellite fields in the KGD6 block boosted oil and gas EBITDA over three folds to `1,556 crore.
Consumer business now accounts for nearly 45 per cent of segment EBITDA.
The Russian-Ukraine conflict accelerated an already tight demand-supply situation for crude oilpetroleum products, leading to higher cracks or margins on petrol and diesel.