The Business Bytes
TBB BUREAU
MUMBAI, MAY 6, 2022
Mukesh Ambani-led Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March 2022 (Q4FY22) on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business.
RIL’s consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore in the year-ago period, the firm said in a statement.
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 Q4FY22.
For FY2021-22, 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.
The firm reported the highest-ever quarterly EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs 33,968 crore, registering a year-on-year growth of 28 per cent.
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, said: “Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance in FY2021-22.”
While digital services and retail segments showed strong growth, the O2C business has proven its resilience and demonstrated strong recovery despite volatility in the energy markets.
“Our relentless focus on customer satisfaction and service has led to higher engagement and increased footfalls, driving robust revenue and earnings figures across our consumer businesses.
“The gradual opening up of economies coupled with sustained high utilization rates across sites and the improvement in transportation fuel margins and volumes have bolstered our O2C earnings,” Ambani said.
