Reliance Industries Ltd. posted 22 per cent growth in consolidated net profit at ₹16,203 crore for the quarter ended March 31, compared to ₹13,227 crore in the corresponding quarter last year. The growth was led by higher oil refining margins and an increase in average revenue per user in the telecom business. The oil-to-telecom conglomerate’s revenue from operations rose 37 per cent to ₹2.11-lakh crore compared to ₹1.54-lakh crore in Q4 FY22.

For the full year 2021-22, Reliance reported gross revenue of ₹7.92-lakh crore, becoming the only Indian company to cross the $100-million revenue mark. Revenue from operations stood at ₹7.21-lakh crore. Net profit for the full year was at ₹60,705 crore compared to ₹49,128 crore in the previous year.

Robust performance

Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said: “Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance in FY22. I am pleased to report strong growth in our digital services and retail segments. Our O2C business has proven its resilience and has demonstrated strong recovery despite volatility in the energy markets.”

“I am particularly happy with the progress our company is making in the new energy and new materials business. We are forging ahead with the development of our new energy giga factories complex across 5,000 acres in Jamnagar. And with the strong global partnerships we have, I am confident that Reliance will create sustainable and affordable new energy solutions for India to help her meet growing energy needs, while ensuring that we achieve our ambitious target of net carbon zero by 2035,” Ambani said.

The company’s board has also recommended a dividend of ₹8 per equity share for FY22.

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