Reliance rakes in $100b annual revenue

Revenues from operations soared 36.8 per cent year-on-year to 2.12 trillion rupees, aided by its legacy energy business and newer ventures

Reliance Industries became the first Indian company to cross $100 billion in annual revenues after the oil-to-telecoms giant reported strong quarterly results across its energy, telecoms and retail businesses Friday.

The conglomerate, which is owned by Asia's richest man Mukesh Ambani, reported a net profit of 162.03 billion rupees ($2.1 billion) between January and March, 22.5 per cent higher than the same period last year.

Revenues from operations increased 36.8 per cent year-on-year to 2.12 trillion rupees, aided by both its legacy energy business and newer ventures such as retail.

Income in the quarter helped gross revenue cross 7.93 trillion rupees ($104.6 billion) for the financial year ended March 31.

"Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance," chairman and managing director Ambani said in a statement.

"Our O2C (oil-to-chemical) business has proven its resilience and has demonstrated strong recovery despite volatility in the energy markets," the billionaire added.

Revenues from Reliance's oil refinery and petrochemicals business -- which accounts for more than half of total income -- benefited from higher crude oil prices, rising 44.2 per cent year-on-year to 1.46 trillion rupees.