Reliance Industries Limited on Friday became the first Indian company to earn a revenue of over $100 billion (about Rs 7.69 lakh crore) in a year, PTI reported.
In a regulatory filing, the company said that between April 2021 and March 2022, it earned a net profit of Rs 60,705 crore from revenue amounting to Rs 7.92 lakh crore, or $102 billion.
The Mukesh Ambani-led conglomerate’s net profit for the quarter that ended in March increased by 22.5%. The company cited high margins in oil refining segment, growth in the telecom and digital sectors and strong momentum in the retail division for this figure.
The conglomerate posted a profit of Rs 16,203 crore from January to March, as compared to Rs 13,227 crore in the same period last year. The company’s net profit, however, decreased by 12.6% as compared to the preceding quarter, ending a six-quarter trend of improving figures.
Reliance Industries registered its highest-ever earnings before interest, taxes, depreciation and amortisation, or EBITDA, of Rs 33,968 crore, The Times of India reported. The figure represents a rise of 28% as compared to the same quarter last year.
Ambani said that the company put up a strong performance in financial year 2021-’22 despite the challenges of the Covid-19 pandemic and the “heightened geo-political uncertainties”, the Economic Times reported.
“The gradual opening up of economies coupled with sustained high utilisation rates across sites and the improvement in transportation fuel margins and volumes have bolstered our O2C [oil-to-chemical] earnings,” Ambani said.
The company’s EBITDA for the oil-to-chemical sector (Rs 14,241 crore) rose 25% as compared to the same quarter last year. Earnings in digital services (Rs 11,209 crore) also increased by 25% in comparison to the same period last year.