Reliance Industries Ltd has won a vote of confidence from global rating agencies S&P and Fitch after its robust earnings in the fiscal year ended March 31, 2024, supported its growth aspirations and kept leverage under check.
S&P Global Ratings and Fitch Ratings in separate notes spoke of its EBITDA (loosely known as pre-tax profit) rising in the current fiscal year and next on rising revenue and past investments.
“Reliance Industries Ltd’s (RIL) strong earnings will keep leverage in check as the company continues to pursue growth ambitions. We expect the company’s debt-to-EBITDA ratio to remain commensurate with the rating (BBB+/Stable/–),” S&P said in a note.
