The net profit of the country’s veteran company Reliance Industries Limited increased by 19 percent to Rs 19,299 crore in the March quarter of the financial year 2022-23. This is the company’s highest profit in any quarter so far. On behalf of Reliance, information about the financial results for the quarter January-March 2023 was sent to the stock markets. According to this, the profit has increased due to the increase in income from oil and petrochemical business and the strength of retail and telecommunication businesses.
Good news came amid fears of decline
Reliance had posted a net profit of Rs 16,203 crore in the same quarter a year ago. However, analysts had predicted a decline in Reliance Industries’ net profit. But the softening of the price of ethane imported from America brought relief to the company. During this period, the total income of the company increased to Rs 2.19 lakh crore, which was Rs 2.14 lakh crore in the previous year. Net profit increased by 22 percent compared to October-December 2022 at Rs 15,792 crore.
Company’s revenue reached close to 10 lakh crore
The net profit of Reliance in the financial year 2022-2023 has been Rs 66,702 crore. This is the biggest profit of Reliance so far. During this, the company’s revenue also reached close to 10 lakh crores. In the financial year 2021-22, RIL had earned a net profit of Rs 60,705 crore on a revenue of Rs 7.36 lakh crore. All the business segments of Reliance Industries (RIL) have performed well.
Commenting on the results, Reliance Industries Chairman and MD Mukesh Ambani said that the steps taken in digital connectivity and organized retail sector are increasing the efficiency of the economy. Contributing to making India one of the fastest growing economies of the world.