The net profit of Reliance Industries missed analyst estimates for the fourth quarter but the company crossed a major milestone — becoming the first from India to achieve $100 billion in annual revenues.
RIL posted a 22.50 per cent rise in consolidated net profit for the quarter ended March 31, 2022 to Rs 16,203 crore from Rs 13,227 crore in the corresponding period of the previous year.
Brokerages had forecast net profit between Rs 16,300 crore and Rs 16,900 crore. The consensus estimate of Bloomberg analysts put the net profit at Rs 16,819 crore. Consolidated revenues for FY22 rose 47 per cent to Rs 792,756 crore ($104.6 billion) against Rs 539,238 crore a year ago. Net profits rose 26 per cent to Rs 67,845 crore from Rs 53,739 crore in 2020-21. Net profit attributable to owners of the company rose to Rs 60,705 crore in FY 2022.
