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RIL first Indian company to top $100 bn annual revenue

RIL’s gross revenue for the quarter was Rs 232,539 crore, higher by 35.1 per cent. Net profit for the full year was Rs 67,845 crore ($ 9.0 billion), higher by 26.2 per cent.

By: ENS Economic Bureau | Mumbai |
May 7, 2022 1:12:48 am
Reliance Industries Ltd, Reliance Industries profit, Reliance Industries net profit, Business news, Indian express business news, Indian express, Indian express news, Current AffairsRIL’s digital arm Reliance Platforms has posted a gross revenue of Rs 26,139 crore, higher by 20.7 per cent, for the March quarter. Net profit for the quarter was Rs 4,313 crore, a growth of 22.9 per cent.

Reliance Industries Ltd (RIL) has reported a 20.2 per cent rise in net profit at Rs 18,201 crore for the quarter ended March 2022 as against Rs 14,995 crore in the same period of last year. RIL’s gross revenue for the fiscal 2021-22 has crossed $ 100 billion mark (Rs 792,756 crore), the first Indian listed company to achieve the landmark.

RIL’s gross revenue for the quarter was Rs 232,539 crore, higher by 35.1 per cent. Net profit for the full year was Rs 67,845 crore ($ 9.0 billion), higher by 26.2 per cent.

RIL’s digital arm Reliance Platforms has posted a gross revenue of Rs 26,139 crore, higher by 20.7 per cent, for the March quarter. Net profit for the quarter was Rs 4,313 crore, a growth of 22.9 per cent. SIM consolidation post the December 2021 tariff hike led to a net reduction of 10.9 million in customer base in Q4 of FY22, RIL said. ARPU improved to Rs 167.6 led by tariff hike, better subscriber mix and ramp-up of FTTH services.

Reliance Retail recorded a gross revenue at Rs 58,017 crore, a growth of 23.3 per cent with broad based double-digit growth across all consumption baskets. Net profit for the quarter was Rs 2,139 crore, lower by 4.8 per cent.

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RIL Chairman and MD Mukesh D. Ambani said: “Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY2021-22. 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.”

“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.

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

Oil and gas business is now contributing 20% of RIL’s domestic gas production. “We are forging ahead with the development of our new energy giga factories complex across 5,000 acres in Jamnagar,” Ambani said.

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