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India's largest company by market capitalization Reliance Industries reported a 22.5% jump in profits for the quarter ended in March 2022.
The consolidated net profit for the quarter stood at Rs 16,203 crores as opposed to Rs 13,227 crores for the corresponding quarter last year, up 22.5% YoY but declined 12.6% QoQ. The profit figure was significantly lower than the analysts' estimate of Rs 16,647 crores.
Moreover, the revenues for the quarter grew 37% to Rs 211,887 crores. The operating margin for the quarter was 10.1%, higher than 9.5% last year but lower than 10.6% last quarter. Net margin saw a significant dent as it came in at 7.7%, lower than 8.7% last year or 9.8% last quarter.
Oil & Gas segments saw the greatest growth as their revenues spiked 137% during the quarter. Retail, oil-to-chemical, Media, and Jio also posted significant growth as EBITDA margins in all segments witnessed robust growth.
For the year ended on 31st March 2022, the company posted total revenues of Rs 792,756 crores, approximately $104 billion, the first Indian company to ever surpass the milestone of $100 billion. Net profit for the year came in around Rs 67,845 crores.
“Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance in FY 2021-22. I am pleased to report strong growth in our Digital Services and Retail segments," said Mukesh D Ambani, Chairman and Managing Director, Reliance Industries.
The Board of RIL has recommended a dividend of Rs 8 per share, against a face value of Rs 10 each, or 80%. The scrip recently achieved a lifetime high of Rs 2,856.15 per share. However, the stock saw a decline in the last 2 trading sessions as it fell over 4%. The share closed at Rs 2,620.25 per share on Friday.
Article by Aman Agarwal.
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