Reliance becomes first Indian company to hit $100 billion in sales; reports a 22.5% jump in earnings in Q4

NEW DELHI: Reliance Industries’ consolidated net income increased 22.5 percent for the fourth quarter ended March 31, 2022, the company said in a regulatory filing on Friday.
RIL recorded a net profit of Rs.16,203 crore for the period compared to Rs.13,227 crore for the same period last year.
For the full fiscal year 2021-22 (April 2021 to March 2022), Reliance reported net profit of Rs 60,705 crore on sales of Rs 7,92 crore (US$102 crore).
This makes Reliance the first Indian company with a turnover of 100 billion US dollars.
The company’s results were boosted by its main pillar energy business and a surge in average revenue per user in its telecom division. Reliance’s retail business, hit by pandemic-related lockdowns, benefited from a rebound in consumer demand.
“The gradual opening up of economies coupled with sustained high utilization rates across all sites and improvement in transportation fuels margins and volumes have boosted our O2C revenues,” said Chairman and CEO Mukesh Ambani.
However, in terms of quarterly earnings, RIL’s earnings fell 12.6 percent – breaking a chain of six quarters of improvement over the previous quarter.
The conglomerate’s energy business reported strong refining margins on higher gas and crude oil prices. Brent crude prices rose nearly 39 percent in the March quarter.
Also, the surge in broadband subscribers, online retail gaining traction, and the roots for new energy investments have all but propelled profits.
The company reported its highest ever quarterly EBITDA (earnings before interest, taxes, depreciation and amortization) of Rs 33,968 crore, up 28 per cent year-on-year.
(With contributions from agencies)

FOLLOW US ON SOCIAL MEDIA

Elite Boss

Leave a Reply

Your email address will not be published.