Reliance Industries Limited (RIL) has become the first Indian company to cross Rs. 1 lakh crore mark in annual pre-tax profit. Further, the company reported a record annual consolidated revenue of over Rs 10 lakh crore, driven by continued growth momentum in consumer businesses and upstream business. EBITDA rose 16.1 percent to Rs 1.79 lakh crore in the year ended March 31.
For the quarter ending March 31, the company said that net profit rose to Rs 21,243 crore, beating analyst estimates, driven by a recovery in its core oil-to-chemicals (O2C) business.
Profit attributable to owners of the company stood at Rs 18,951 crore in the fourth quarter, as per the press release.
India’s most valuable company reported revenue of Rs 2.41 lakh crore in the three months ended March 31.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30 percent of India’s domestic gas production.”
Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, Ambani said.
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