Reliance Earned Rs 180 Crore Profit/Day In 90 Days: 1st Indian Company To Cross $100 Billion Revenues In A Quarter
Reliance Industries has become the first Indian company to cross the gross revenue mark of $100 billion.
Drivers Of Growth
The company posted gross revenue of Rs 792,756 crore ($104.6 billion), as compared to Rs 539,238 crore in the previous year.
The conglomerate also reported a 22.4 percent on-year jump in net profit to Rs 16,203 crore in the January-March quarter compared with Rs 13,227 crore in the same quarter last year.
Its growth can be credited to several factors such as bumper oil refining margins, steady growth in telecom and digital services and strong momentum in retail business.
Telecom subsidiary Jio posted a 15.4 per cent sequential increase in net profit at Rs 4,173 crore for the quarter ended March.
JioFiber is now the largest broadband provider in India within two years of launch.
The revenue from operations grew 36 per cent to Rs 2.11 lakh crore, as compared with Rs 154,896 crore in 2021.
Oil And Chemical
Its oil to chemical business revenue stood at Rs 1.45 lakh crore while retail revenue was at Rs 58,019 crore.
The Oil and Gas business is now contributing 20% of domestic gas production.
Chairman and managing director Mukesh Ambani said that its O2C business has been resilient and showed strong recovery despite volatility in the energy markets.
Its Retail business has crossed the 15,000 store benchmark and has seen higher engagement and increased footfalls.
Reliance Retail reported its best-ever quarterly revenues despite the spread of Omicron wave and coming out from the festive quarter.
It is amongst India’s top private-sector employers.
Over the past year, it added over 2.1 lakh new employees across its consumer and technology business which created a large part of these new jobs.
Strong Performance Despite Difficulties
The company acknowledged that its operations and revenue were impacted due to COVID-19. which has caused significant disturbance and slowdown of economic activity in India
Despite the ongoing challenges of the pandemic and geo-political uncertainties, it reported no significant impact on the operations of the Group during the year ended March 31, 2022.
In the matter of sustainable and affordable new energy solutions, Ambani said that they are forging ahead with the development of its New Energy Giga Factories complex across 5,000 acres in Jamnagar.
It will help achieve its target of Net Carbon Zero by 2035 and develop new energy solutions for India with its “strong” global partnerships.