Reliance Industries becomes first Indian firm to earn over $100 billion in annual revenue
Abdul Gh Lone 7 May 2022 0 COMMENTS
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…
