BANKING AND ECONOMY
Reliance Industries Limited (RIL) becomes the first Indian firm to achieve annual revenue of more than a whopping $100 billion. The company reported a 22.5% rise in net profit for the quarter ended March.
The company achieved this annual revenue due to strong growth across the operating business.
In the fiscal year 2021, Tata Groups had an achieved revenue collection of $103 billion. The group's fiscal 2022 numbers are yet to be declared.
RILs revenue in FY22 rose 47% to Rs 7.9 lakh crore ($105 billion). It was because of the strong growth in its oil-to-chemicals (O2C) and consumer (Jio & retail) businesses.
The company remained India's most profitable private company as its profit grew 26% to Rs 67,845 crore ($9 billion).
In the fourth quarter (January to March) of this fiscal year 2022, Reliance's profit grew 20% to Rs 18,021 crore on the back of higher margins from its O2C and Jio units. And the consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) grew up by 28% to Rs 33,493 crore in this quarter.