FISCAL 2022 CARRIED on with the headwinds facing India's largest company - Reliance Industries (RIL) since Covid struck in 2020. If the first wave of the pandemic hurt the company most in FY21, the second and third waves, followed by the Russia-Ukraine conflict affected the Mukesh Ambani-led conglomerate in FY22. Crude prices, which averaged $75 a barrel during April '21 to January $22, vaulted to $100 a barrel during February-June 2022. To counter volatility, RIL changed gears, cashing in on the economic recovery at home, ramping up its consumer business, and enhancing natural gas production.
The company posted a net profit of ₹60,705 crore in FY22 a 23.56% rise year-on-year on a revenue of ₹7,39,518 crore, a 43.81% increase. Consolidated EBITDA for the year grew 69.90% to ₹1,10,424 crore. The growth was led by a 38.1% increase in the oil-to-chemicals (O2C) business on the back of a recovery in demand and fuel margins, followed by digital services 20.9% rise due to high average revenue per user and tariff revision and retail, a 26.5% increase due to higher footfalls, store expansion and traction in omni-channel offerings. The oil & gas exploration and production (E&P) segment saw EBITDA growing 20 times due to successful commissioning and rampup of production from new fields.
In the first half of FY23, RIL reported a 19.4% increase in net profit to ₹34,955 crore, and a 41.7% surge in revenue to ₹496,479 crore.
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This story is from the December 2022 edition of Fortune India.
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This story is from the December 2022 edition of Fortune India.
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