Reliance Industries Ltd (RIL) said net profit rose 0.1 percent to Rs 21,243 crore for the fiscal fourth quarter, beating analyst estimates, driven by a recovery in its core oil-to-chemicals (O2C) business.
Profit attributable to owners of the company was at Rs 18,951 crore in the fourth quarter as compared to 19,299 crore in the year earlier.
The company’s board approved a dividend payout of Rs 10 per share.
India’s most valuable company reported revenue of Rs 2.41 lakh crore in the three months ended March 31, according to an exchange filing on April 22.
Based on an average of 10 brokerage estimates, analysts projected a profit of Rs 18,248 crore on revenue of Rs 2.39 lakh crore.
Full-year revenue at Reliance Industries rose 2.6 percent to Rs 10 lakh crore, with growth in consumer and upstream businesses offsetting a decline in oil-to-chemicals (O2C) revenues driven by a 13.5% year-over-year drop in average Brent crude prices. EBITDA rose 16.1 percent to Rs 1.79 lakh crore in the year ended March 31.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production.”
For the quarter ended March 31, consolidated EBITDA rose 14.3% to Rs 47,150 crore from a year-ago period.
The company’s four main segments—O2C, Oil & Gas, Retail, and Jio—have all reported robust operating performance.
The resilient performance of the oil-to-chemicals business was driven by strategic feedstock sourcing and strong domestic markets, mitigating margin pressures.
The oil and gas business delivered robust 47.5 percent growth from a year earlier.
Retail business EBITDA rose 18.5% to Rs 5,829 crore from a year earlier.
Reliance Jio added 10.9 million subscribers during the fourth quarter.
Reliance Jio’s rapid rollout of the 5G network significantly boosted subscriber growth, with over 108 million users migrating to 5G.
RIL’s capital expenditure of Rs 23,207 crore in the fourth quarter was fully covered by a cash profit of Rs 37,769 crore.
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