Due to a rebound in its main oil-to-chemicals (O2C) sector, Reliance Industries Ltd. (RIL) said that net profit for the fiscal fourth quarter increased by 0.1 percent to Rs 21,243 crore, surpassing expert projections.
In the fourth quarter, the company’s owners received profits of Rs 18,951 crore, down from Rs 19,299 crore in the same period last year.
The board of the corporation decided to pay out a dividend of Rs 10 per share.
In an exchange filing on April 22, the most valued firm in India stated that its revenue for the three months ending March 31 was Rs 2.41 lakh crore.
The analysts forecasted a profit of Rs 18,248 crore on revenue of Rs 2.39 lakh crore, based on an average of 10 brokerage estimates.
“Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production,” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.
Consolidated EBITDA for the quarter ended March 31 increased 14.3% to Rs 47,150 crore over the same time last year.
Jio, Retail, Oil & Gas, and O2C, the company’s four primary segments, have all posted strong operating results.
Strategic feedstock procurement and robust domestic markets helped the oil-to-chemicals sector perform well despite margin pressure.
The oil and gas industry saw strong growth, up 47.5% over the previous year.
EBITDA for the retail sector increased 18.5% to Rs 5,829 crore over the previous year.
In the fourth quarter, 10.9 million new users joined Reliance Jio.
With over 108 million people switching to 5G, Reliance Jio’s quick deployment of the 5G network greatly increased subscriber growth.
A cash profit of Rs 37,769 crore more than offset RIL’s capital expenditures of Rs 23,207 crore in the fourth quarter.
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Reliance Industries beats expectations, posts Rs 21,243 crore profit in Q4
