Reliance Q4 net up 22.5%, becomes first Indian company to cross $100 bn annual revenue
India Today
Mukesh Ambani's Reliance Industries Ltd reported a 22.5 per cent rise in net profit for the quarter ended March.
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 Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 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 Rs 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 Rs 60,705 crore on a revenue of Rs 7.92 lakh crore (USD 102 billion).
It is the first Indian company to have crossed USD 100 billion revenue in a year.
