Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported more than doubling of its March quarter net profit as consumer businesses of retail and telecom as well as petrochemicals saw sequential recovery on improved spreads offsetting continued weakness in refining business.
Consolidated net profit of ₹13,227 crore in January-March compared with ₹6,348 crore earned a year back, the company said in a statement.
The fourth-quarter net profit included ₹797 crore exceptional item due to gain on sale of US shale assets.
Revenue was up 13.6 per cent to ₹1,72,095 crore.
The oil-to-telecom conglomerate posted the highest ever annual net profit of ₹53,739 crore, up 34.8 per cent year-on-year. This was aided by record annual EBITDA for Jio Platforms at ₹32,359 crore and the highest-ever annual EBITDA for Reliance Retail at ₹9,789 crore.
