Reliance Q4 Earnings Rise By 24.5%, Becomes 1st Indian Firm To Hit $100 Billion Revenue

Reliance Q4 Results: Reliance Industries consolidated net profit rose to Rs 16,203 crore in the quarter ending March 31, 2022, from Rs 13,227 crore earlier, the company said a stock exchange filing

New Delhi: Reliance Industries (RIL) on Friday clocked a 24.5 per cent jump in its earnings for the quarter ended March, 2022. The rise comes on the back of bumper oil refining margins, steady growth in telecom, and digital services and strong momentum in retail business, according to the company statement.

The consolidated net profit of Mukesh Ambani-led firm rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore earlier, the company said in a stock exchange filing. For the full FY21-22 (April 2021 to March 2022), RIL reported a net profit of Rs 60,705 crore on a revenue of Rs 7.92 lakh crore ($102 billion). 

Reliance became the first Indian company to have crossed $100 billion revenue in a year.

Mukesh Ambani, chairman and managing director, RIL, said despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance had delivered a robust performance in FY21-22. 

"Reliance has delivered a robust performance in FY21-22. I am pleased to report strong growth in our Digital Services and Retail segments. Our O2C business has proven its resilience and has demonstrated strong recovery despite volatility in the energy markets," Ambani said in a statement.

"Our retail business has crossed the 15,000 store benchmark. JioFiber is now the largest broadband provider in India within two years of launch. Oil and gas business is now contributing 20 per cent of domestic gas production," Ambani said, while adding that he was particularly happy with the progress Reliance was making in the new energy and new materials business.

"We are forging ahead with the development of our new energy giga factories complex across 5,000 acres in Jamnagar. And with the strong global partnerships we have, I am confident that Reliance will create sustainable and affordable new energy solutions for India to help her meet growing energy needs, while ensuring that we achieve our ambitious target of net carbon zero by 2035," he added.

The Russian-Ukraine war accelerated an already tight demand-supply situation for crude oil-petroleum products, leading to higher cracks or margins on petrol and diesel.

In Reliance Jio, the telecom and digital arm of the group, despite a reduction in subscriber base over the past two quarters due to culling of inactive subscribers/SIM consolidation, better per-user revenue (ARPU) and the refinancing of debt boosted net profit of the telco by about 24 per cent to Rs 4,173 crore in January-March.

Meanwhile, Reliance Retail, an arm of RIL, on Friday logged a 2.43 per cent increase in pre-tax profit to Rs 3,705 crore in Q4 . The company's gross revenue stood at around Rs 1,99,704 crore in the last fiscal year. The retail arm had posted a pre-tax profit or Ebitda of Rs 3,617 crore in the 2021 March quarter.