Mukesh Ambani’s Reliance becomes first Indian company to cross $100b annual revenue

MUMBAI: The richest guy in Asia After reporting solid quarterly earnings across its energy, telecoms, and retail sectors, Mukesh Ambani’s Reliance Industries became the first Indian corporation to cross $100 billion in annual revenues.

Between January and March, the group posted a net profit of 162.03 billion rupees ($2.1 billion), up 22.5 percent from the same time previous year.

Revenues from operations climbed 36.8% year on year to 2.12 trillion rupees, owing to the heritage energy industry as well as innovative businesses like retail.

Gross revenue for the fiscal year ending March 31 surpassed 7.93 trillion rupees ($104.6 billion) thanks to income in the quarter.

“Reliance has generated a good performance despite the persisting challenges of the epidemic and heightened geopolitical risks,” chairman and managing director Ambani said in a statement.

“Despite the volatility in the energy markets, our O2C (oil-to-chemical) company has proven its durability and demonstrated good recovery,” the billionaire continued.

Higher crude oil prices helped Reliance’s oil refinery and petrochemicals sector, which accounts for more than half of overall income, grow 44.2 percent year on year to 1.46 trillion rupees.

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Higher gas prices helped the energy giant’s smaller oil and gas exploration and production sector grow by 136.8% year on year to 20 billion rupees.

However, India’s intervention in the quarter to keep domestic fuel prices low despite global oil prices skyrocketing damaged Reliance’s nascent petrol pump collaboration with British oil and gas behemoth BP, according to the business.

Even while its customer base shrank by 10.9 million customers in the quarter, Reliance Jio’s net profit increased 22.9 percent to 43.13 billion rupees, helped by pricing hikes implemented in December 2021.

The early summer and robust demand for clothing and food helped Reliance’s retail business reach a new all-time high of 580.17 billion rupees.

Reliance’s multibillion-dollar fortune has been built on oil and petrochemicals, but the company has recently expanded into other industries such as telecoms and retail.