RIL Revenue Surpasses $100 Billion in FY22; Fourth quarter net income up 20.2% year over year

Reliance Industries (RIL) on Friday became the first Indian company to cross $100 billion in revenue in a financial year. It reported consolidated revenue of 7.92 trillion rupees ($104.6 billion) for FY22.

Revenue growth was 47% versus FY21 and was driven by broad-based improvement, and in particular, strong refining margins and higher realizations for downstream products.

RIL stock was among the best performing stocks on the exchanges, gaining 13% in three months. The stock reached a record high of Rs 2,819.20 on April 28.

On Friday, the stock closed at Rs 2,621.15 on BSE.

The O2C conglomerate recorded net profits of Rs 67,845 crore, up 26.2% from the previous year on the back of a 28.8% increase in Ebitda (earnings before interest, tax, depreciation and amortization) at Rs 1.26 trillion.

Much of Ebitda comes from the petroleum and chemicals segment, helped by strong margins on transportation fuels. Retail did well to make a profit of Rs 7,055 crore. The network includes 15,000 stores. The telecommunications company – Jio Platforms – recorded profits of Rs 15.48 crore.

For the fourth quarter of FY22, RIL’s gross revenue was 2.32 trillion rupees, up 35.1% year-on-year, while Ebitda stood at 33 Rs 968 crore, an increase of 27.7%. Net profit for the quarter was Rs 18,021 crore, an increase of 20.2%.

RIL said in a statement that Singapore diesel cracks averaged $21.6/bbl in Q4FY22 compared to $12.6/bbl in Q3FY22 and $5.8/bbl in Q4FY21. The company said global oil demand was good due to strong manufacturing and industrial growth and increased global mobility as pandemic-related restrictions were eased. The price of crude oil rose sharply as inventories dwindled and OPEC’s mandatory supply increase was lower following geopolitical tensions.

RIL Chairman Mukesh Ambani said in a statement that the company is moving ahead with the development of the 5,000 acre New Energy Giga Factories complex in Jamnagar. “Through the strong global partnerships we have, I am confident that Reliance will create new sustainable and affordable energy solutions for India to help meet growing energy needs, while ensuring that we meet our ambitious goal. Net Carbon Zero by 2035,” Ambani said. .

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