RIL is the first Indian company with annual sales over US$100 billion

Reliance Industries Ltd (RIL) has reported a 20.2 per cent increase in net profit to Rs.18,201 crore for the quarter ended March 2022 versus Rs.14,995 crore for the same period last year. RIL’s gross sales for the 2021-22 financial year have surpassed $100 billion (Rs. 792,756 billion), becoming the first Indian listed company to reach this milestone.

RIL’s gross revenue for the quarter was Rs 232,539 crore, up 35.1 per cent. Net profit for the full year was Rs 67,845 crore ($9.0 billion), up 26.2 percent.

RIL’s digital arm Reliance Platforms posted gross revenue of Rs 26,139 crore for the March quarter, up 20.7 percent. Net profit for the quarter was Rs 4,313 crore, up 22.9 per cent. SIM consolidation following the December 2021 tariff increase resulted in a net reduction in subscriber base of 10.9 million in the fourth quarter of FY22, according to RIL. ARPU improved to Rs 167.6 led by a tariff increase, better subscriber mix and the Launching FTTH services.

Reliance Retail posted gross sales of Rs 58,017 crore, up 23.3 per cent with broad-based double-digit growth across all consumer baskets. Net profit for the quarter was Rs 2,139 crore down 4.8 per cent.

RIL Chairman and MD Mukesh D. Ambani said: “Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance in fiscal year 2021-22. I am pleased about strong growth in our Digital Services and Retail segments. Our O2C business has demonstrated its resilience and has bounced back strongly despite the volatility in energy markets.”

“Our relentless focus on customer satisfaction and service has resulted in higher engagement and footfall, and has resulted in robust sales and earnings in our consumer businesses. The gradual opening of economies coupled with sustained high utilization rates across all sites and improving transportation fuel margins and volumes have strengthened our O2C revenues,” Ambani said.

Last year, RIL hired over 2.1 billion new employees across its businesses, with the consumer and technology businesses creating a large chunk of those new jobs. “Our retail business has passed the 15,000 store mark. JioFiber is now the largest broadband provider in India within two years of launch,” said Ambani.

The oil and gas business now accounts for 20% of RIL’s domestic gas production. “We are advancing the development of our new 5,000-acre Energy Giga-Factory complex in Jamnagar,” Ambani said.

Cheryl Tenny

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