Reliance is India’s first co to breach USD 100 billion revenue

Billionaire businessman Mukesh Ambani-owned oil-to-telecom conglomerate Reliance Industries has become the first Indian company to record a gross revenue of over 100 billion US dollars in a year.

The company on Friday declared its quarter four earnings for the last financial year (April 2021 to March 2022), showing a gross revenue of over Rs 58,000 crore against Rs 57,700 (approx) in the previous quarter.

And for the entire fiscal, Reliance reported a gross revenue of Rs 7.92 lakh crores (102 billion US dollars) — a feat the company attributed to the rise in earnings in its telecom, retail and refining businesses.

“Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY2021-22,” Ambani, the chairman and managing director of Reliance Industries, said in a statement.

“Over the past year, we added over 2.1 lk new employees across our businesses with our consumer & technology biz creating a large part of these new jobs. I am pleased to report that our Retail biz has crossed the 15,000-store benchmark,” he said.

“I am confident that Reliance will create sustainable and affordable new energy solutions for India to help her meet growing energy needs, while ensuring that we achieve our ambitious target of Net Carbon Zero by 2035,” Ambani added.

One of the richest persons in Asia, Mukesh’s current net worth is nearly USD 80 billion. His Reliance Group is now India’s most valuable company by market capitalisation.

UNB had earlier reported about Mukesh’s rumoured plans to hand over three core business areas of Reliance Industries to his three children — Akash, Isha and Anant — and also about his aggressive fundraising spree to make his conglomerate debt-free amid the pandemic.

The fundraising spree was aimed at reducing Reliance’s dependence on the flagship oil sector to diversify into telecom and e-commerce. In 2020, Reliance raised USD 15.2 billion by selling stakes in its telecom unit Jio and another USD 7 billion through rights issue.

Source: United News of Bangladesh