Reliance Industries, the conglomerate led by India’s richest person, Mukesh Ambani, has reported a 45% increase in net profit for the fourth quarter of the 2022 fiscal year. The company’s profit rose to u20b913,227 crore ($1.78 billion) in the quarter ended March 31, 2022, up from u20b99,079 crore ($1.22 billion) in the same period last year.
The company’s revenue for the quarter also increased by 9.8% to u20b91,67,720 crore ($22.5 billion), compared to u20b91,52,110 crore ($20.4 billion) in the corresponding quarter of the previous fiscal year. The rise in revenue was largely due to growth in the company’s retail and digital services businesses, as well as a recovery in its petrochemicals and refining businesses.Source:- business today
Reliance Industries’ telecom subsidiary, Jio, continued to add subscribers during the quarter, with its user base reaching 447 million. Jio’s average revenue per user (ARPU) also increased to u20b9151 ($2.03), up from u20b9138.4 ($1.86) in the previous quarter.
Commenting on the results, Mukesh Ambani said, I am proud that we have delivered strong results despite the challenging environment. Our consumer businesses continue to scale new heights, and we are confident of delivering sustained growth across all our businesses.
The company’s shares rose by 1.4% following the announcement of the results.
Note: The currency conversion rates used in this article are as of the knowledge cutoff date and may have changed since then.
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