Reliance Industries become the first Indian company to record annual revenue of more than a whopping $100 billion. The company has recorded a 22.5% rise in net profit for the quarter ended March 2022. Reliance has recorded strong growth in retail, digital services, and the oil & gas business. The company has also reported the highest-ever quarterly EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs 33,968 crores (28% up) year-on-year.
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Reliance’s earnings also rose because of a rise in broadband subscribers, online retail gaining traction and new energy investment picking roots.
Consolidated revenue of the nation’s biggest company by market value rose 35 per cent year-on-year to Rs 2.32 lakh crore in the fourth quarter of FY22. 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 (USD 102 billion). It is the first Indian company to have crossed USD 100 billion in revenue in a year.
Important takeaways for all competitive exams:
- Reliance Industries Ltd CEO: Mukesh Ambani (31 Jul 2002–);
- Reliance Industries Ltd Founder: Dhirubhai Ambani;
- Reliance Industries Ltd Founded: 8 May 1973, Maharashtra;
- Reliance Industries Ltd Headquarters: Mumbai.