RIL 1st Indian company to cross Rs 1 lakh crore profit before tax mark in a fiscal year

23 Apr 2024 , 02:28 PM

With the release of its earnings for the quarter that concluded on March 31, Reliance Industries Ltd. (RIL), an oil and gas to retail and telecom conglomerate, became the first firm in India to surpass the ₹1 Lakh Crore mark in pre-tax profits.

Additionally, the company announced record-breaking yearly consolidated revenue of more than ₹10 Lakh Crore, largely due to upstream and consumer sector growth. EBITDA increased 16.1% to ₹1.79 Lakh Crore in the fiscal year that concluded on March 31.

From a year earlier, net profit for the fiscal year that ended on March 31 grew by 7% to ₹79,020 Crore.

The company reported that net profit for the quarter ended March 31 increased to ₹21,243 Crore, surpassing analyst projections, mostly due to a rebound in its primary oil-to-chemicals (O2C) sector.

According to the press statement, the company’s owners reaped profits of ₹18,951 Crore during the fourth quarter.

The most valued firm in India recorded revenue for the three months that concluded on March 31 of ₹2.41 Lakh Crore.

In comparison to the same period last year, consolidated EBITDA increased 14.3% to ₹47,150 Crore in the quarter that ended on March 31.

The board of the corporation decided to pay out a dividend of ₹10 per share.

On Tuesday, shares of Reliance Industries saw minimal movement, closing at ₹2,958.05. On Monday during post-market hours, the earnings were revealed.

The Chairman and Managing Director of Reliance Industries Limited, Mukesh D. Ambani, commented on the findings, saying that Reliance was the first Indian business to reach the ₹100,000-crore pre-tax profit barrier. Global gasoline demand was strong, and the O2C segment’s margins and profitability were bolstered by the restricted flexibility of the refining system. Throughout the year, the downstream chemical industry faced more difficult market conditions. We produced a resilient performance in spite of challenges by retaining our top product positions and feedstock flexibility thanks to our cost-management-focused operational strategy. Having reached 30 MMSCMD of production, the KG-D6 block currently produces 30% of India’s domestic gas.”

According to Ambani, the performance of the digital services category has been enhanced by the faster growth of the subscriber base, which is facilitated by both fixed and mobile wireless services.

He went on, “We are still dedicated to our projects and initiatives, particularly those in the New Energy segment, which will support the business and enable it to achieve long-term, sustainable growth.”

Jio, Retail, Oil & Gas, and O2C, the company’s four primary segments, have all posted strong operating results.

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