Reliance becomes 1st Indian firm to hit $100 billion revenue; posts 22.5% jump in Q4 profit

NEW DELHI: Reliance Industries consolidated net profit jumped 22.5 per cent in the fourth quarter ended March 31, 2022, the company said in a regulatory filing on Friday.
RIL posted a net profit of Rs 16,203 crore in the period under consideration as against Rs 13,227 crore reported in same period last year.
For the full fiscal 2021-22 (April 2021 to March 2022), Reliance reported a net profit of Rs 60,705 crore on a revenue of Rs 7.92 lakh crore ($102 billion).
With this, Reliance has become the first Indian company to hit $100 billion revenue.
The company’s results got a boost from its mainstay energy business and a jump in average revenue per user at its telecom unit. Reliance’s retail business, which took a hit due to pandemic-related lockdowns, benefited from a rebound in consumer demand.
“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,” chairman and managing director Mukesh Ambani said.
The conglomerate’s energy business reported strong refining margins on the back of higher gas and crude oil prices. Brent crude prices surged nearly 39 per cent in the March quarter.