(Image source from: Reuters.com)
Reliance becomes the first Indian firm to hit 100 billion USD Revenue:- Reliance Industries Limited is one of the richest firms in the country. The net profit of Reliance Industries Limited jumped by 22.5 percent in the fourth quarter that ended on March 31st. Reliance Industries Limited posted that its net profit as Rs 16,023 crores and it was reported Rs 13,227 crores last year during the same period. For the financial year of April 2021 to March 2022, Reliance Industries Limited reported a net profit of Rs 60,705 crores and a revenue of Rs 7.92 lakh crores that is equal to 102 billion USD. With this, Reliance Industries Limited is the first company of India to make a revenue of 100 billion USD.
The results of Reliance Industries Limited got a huge boost from the energy business and the revenue jump is average in the telecom field for Reliance Industries Limited. The retail business has hit badly because of the coronavirus pandemic. Mukesh Ambani said that the major markets are reopened that brought a boost to the earnings. If it is compared from quarter to quarter, the profit of Reliance Industries Limited saw a decline by 12.6 percent. The brent crude prices declined by 39 percent in the March quarter. There is a rise in the broadband subscribers along with online retail gaining traction. Reliance Industries Limited reported the highest ever Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) of Rs 33,968 crores and this is up to 28 percent year on year.