RIL, the first Indian company to surpass $100 billion in annual revenue

Reliance Industries Ltd (RIL) reported a 20.2% increase in net profit to Rs 18,201 crore for the quarter ended March 2022 from Rs 14,995 crore in the same period last year. RIL’s gross revenue for the fiscal year 2021-22 passed the $100 billion (Rs 792,756 crore) mark, the first listed Indian company to reach the landmark.

RIL’s gross income for the quarter was Rs 232,539 crore, up 35.1%. Net profit for the full year was 67,845 crore ($9.0 billion), up 26.2%.

RIL’s digital arm, Reliance Platforms, reported gross revenue of Rs 26,139 crore, up 20.7%, for the March quarter. Net profit for the quarter was Rs 4,313 crore, a growth of 22.9%. SIM consolidation after the December 2021 rate hike resulted in a net reduction of 10.9 million customers in the fourth quarter of FY22, RIL said. ARPU improved to Rs 167.6 thanks to higher tariffs, a better subscriber mix and the ramp-up of FTTH services.

Reliance Retail recorded gross revenue of Rs 58,017 crore, representing growth of 23.3% with broad-based double-digit growth across all consumer baskets. Net profit for the quarter was Rs 2,139 crore, down 4.8%.

RIL Chairman and CEO Mukesh D. Ambani said, “Despite the continued challenges of the pandemic and heightened geopolitical uncertainties, Reliance delivered a strong performance in the 2021-22 financial year. I am pleased to report strong growth in our digital services and retail segments. Our O2C business has proven its resilience and demonstrated a strong recovery despite the volatility in the energy markets.

“Our relentless focus on customer satisfaction and service has led to increased engagement and increased footfall, generating strong revenue and profits in our consumer businesses. The gradual opening up of economies, coupled with higher rates sustained high utilization rates across all sites and improved transportation fuel margins and volumes, has supported our O2C earnings,” said Ambani.

Over the past year, RIL has added more than 2.1 lakh new employees across all businesses, with consumer and technology businesses creating a large portion of these new jobs. “Our retail business has passed the 15,000 store mark. JioFiber is now the largest broadband provider in India within two years of launch,” Ambani said.

Oil and gas activities now contribute 20% of RIL’s domestic gas production. “We are moving forward with the development of our new 5,000 acre giga power plant complex in Jamnagar,” Ambani said.

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