Reliance becomes first Indian firm to hit $100 bn revenue

Mukesh Ambani-led Reliance Industry Limited

reported a weaker than estimated net profit. Other than this the group for the first time in FY22, reported a decline in profitability. Reliance Industry Limited registered a net profit of ₹18,000 crores with a revenue generation of ₹2.11 lakh crore in the March quarter.

The profit witnessed a fall of 12.25% in profit, while revenue surged up 10.77%. Earlier, analysts estimated growth of 4.7% in profit and 14.5% in revenue.

One of the major reasons behind these results is due to weak margins in its strongest category– the oil-to-chemicals and gas sector. However, Analysts had expected weaker margins in the petrochemicals business due to higher prices of crude oil. Additionally, the petrochemicals and oil to gas sector registered a decline in EBITDA margin.

However, on the positive side, Reliance Industries is now the first Indian company to inch towards $100 billion in revenue as its revenue increased almost 50% to ₹7.21 trillion (93.78 billion) in FY22. Also in other categories like

Reliance Jio and Reliance Retail,

the company register strong performance. Reliance Jio registered a 14% growth in its net profit between January and March 2022.