Indian conglomerate Reliance Industries' revenue has crossed $100 billion in fiscal 2022, becoming the first Indian company to reach the milestone this year. The Tata Group had a revenue of $103 billion in fiscal 2021. The group’s fiscal 2022 numbers are yet to be declared.
Reliance chairman and managing director Mukesh Ambani has said that “despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance in financial year 2021-22.”
Though Reliance has launched new businesses over the years in retail, telecom and recently green energy, its O2C unit continues to account for the bulk of its revenue. “The gradual opening up of economies sustained high utilisation rates across sites and improvement in transportation fuel margins and volumes have bolstered our O2C earnings,” Ambani added.
Operating profit of digital (Jio) too climbed 25% to £1.12 billion due to strong revenue growth and margin improvement. Operating profit of the retail business slightly grew 2% to £371.2 million. The retail segment does not include RIL’s petro-retailing venture. This business is housed in a joint venture with UK’s BP. Operating profit of financial services increased 102% to £17.2 million, while that of oil & gas rose 218% to £155.6 million. RIL’s gross debt at the end of Q4FY22 was £26.6 billion. And, it had about £23.1 billion in cash and cash equivalents.