Reliance becomes first Indian company with gross revenue surpassing $100 billiontext_fields
New Delhi: Billionaire Mukesh Ambani's Reliance Industries has become the first Indian company to have crossed USD 100 billion revenue in a year after the company reported a net profit of ₹ 60,705 crore on a revenue of ₹ 7.92 lakh crore (USD 102 billion) for the full fiscal 2021-22 (April 2021 to March 2022).
As per a PTI report, the company recorded 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.
In a statement, the firm said that 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.
However, the net profit, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
The rise in broadband subscribers, online retail gaining traction and new energy investment picking roots also lead to an increase in Reliance's earnings.
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.
However, Reliance Retail Q4 revenue rose to Rs 58,019 crore vs Rs 57,717 crore in the previous quarter. Its EBITDA came in at Rs 3,712 crore against Rs 3,835 crore, reported in the December quarter. The EBITDA margin stood at 6.4% Vs 6.6% (QoQ).
For the financial year ended March 31, 2022, Reliance Jio's consolidated net profit increased by about 23 per cent to ₹ 14,854 crore.
Retail went from strength to strength on the back of multiple bolt-on acquisitions, continued investment in building complementary offline-to-online infra and recovery in momentum post Covid.
The firm has invested more than USD 1 billion in acquiring assets and building capabilities of Reliance Retail and has opened more stores in tier-2 and 3 cities.