Reliance Industries Ltd becomes 1st Indian company to cross $100 billion revenue

Billionaire Mukesh Ambani’s Reliance Industries Ltd reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business.

It is the first Indian company to have crossed USD 100 billion revenue in a year.

The oil-to-retail-to-telecom conglomerate’s consolidated net profit rose to ₹16,203 crore in the quarter ended March 31, 2022 from ₹13,227 crore.

Net profit, however, fell 12.6 per cent sequentially – breaking a six-quarter chain of quarter-on-quarter improvement.