Skip to content
Search

Latest Stories

Reliance becomes first Indian company to cross $100bn in annual revenues

RELIANCE INDUSTRIES became the first Indian company to cross $100 billion (£81bn) in annual revenues after the oil-to-telecoms giant reported strong quarterly results across its energy, telecoms and retail businesses. 

The conglomerate, which is owned by Asia's richest man Mukesh Ambani, reported a net profit of Rs 162.03bn (£1.7bn) between January and March, 22.5 per cent higher than the same period last year.


Revenues from operations increased 36.8 per cent year-on-year to £22.3bn, aided by both its legacy energy business and newer ventures such as retail.

Income in the quarter helped gross revenue cross $104.6bn (£84.8bn) for the financial year ended March 31.

"Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance," chairman and managing director Ambani said in a statement.

"Our O2C (oil-to-chemical) business has proven its resilience and has demonstrated strong recovery despite volatility in the energy markets," the billionaire added.

GettyImages 1161106989 Reliance Industries chairman Mukesh Ambani (R) along with his wife Nita Ambani (C) and mother Kokilaben (L) welcome a guest as they arrive for the company's 42nd AGM in Mumbai on August 12, 2019. (INDRANIL MUKHERJEE/AFP via Getty Images)

Revenues from Reliance's oil refinery and petrochemicals business -- which accounts for more than half of total income -- benefited from higher crude oil prices, rising 44.2 per cent year-on-year to £15.4bn.

The energy giant's smaller oil and gas exploration and production business saw revenues jump 136.8 per cent year-on-year to Rs 20bn (£2.1m), helped by higher gas prices.

But India intervening to keep domestic fuel prices low even as global oil prices skyrocketed in the quarter hurt Reliance's nascent petrol pump partnership with British oil and gas major BP, the company said.

Net profit from telecoms arm Reliance Jio rose 22.9 per cent to Rs 43.13bn (£4.54m), boosted by tariff hikes undertaken in December 2021, even as its customer base shrunk by 10.9 million subscribers in the quarter.

Revenues from Reliance's retail business hit a fresh all-time high of Rs 580.17bn (£6.1bn), helped by an early summer and strong demand for clothing and groceries.

Reliance's multi-billion-dollar fortune has been powered by oil and petrochemicals businesses, but the company has diversified into new areas including telecoms and retail in recent years.

The company's shares closed 0.74 per cent lower in Mumbai ahead of the earnings announcement on Friday (6).

(AFP)

More For You

A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)
A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)

Police investigate Boohoo executives’ corporate espionage claims

POLICE forces in London, Manchester, and Kent are investigating allegations of stalking and corporate espionage targeting Boohoo executives.

The claims emerged following an investigation by Control Risks, a security consultancy hired by the retailer, which uncovered a campaign of “extensive hostile surveillance” allegedly involving multiple operatives, The Times reported.

Keep ReadingShow less
Jaidev Janardana drives Zopa’s growth with £68m investment
Jaidev Janardana (Photo:Zopa.com)

Jaidev Janardana drives Zopa’s growth with £68m investment

ONLINE bank Zopa has received a £68 million funding boost, led by AP Moller Holding, the owners of shipping giant Maersk.

The new investment aims to support Zopa’s growth plans, including the launch of a current account and further advancements in artificial intelligence (AI), the Times reported.

Keep ReadingShow less
Pakistan International Airlines eyes UK flights as EU ban is lifted
PIA’s authorisation to operate in the EU was suspended in 2020 over safety compliance concerns

Pakistan International Airlines eyes UK flights as EU ban is lifted

PAKISTAN International Airlines (PIA) said last Sunday (1) it expects to resume European routes soon and is eyeing several UK destinations after the EU aviation regulator lifted its bar on the flag carrier.

The European Union Aviation Safety Agency (EASA) suspended PIA’s authorisation to operate in the EU in June 2020 over concerns about the ability of Pakistani authorities and its Civil Aviation Authority (PCAA) to ensure compliance with international aviation standards.

Keep ReadingShow less
Lyttle, who led the company for five years, will remain until a successor is appointed. (Photo: Getty Images)
John Lyttle (Photo: Getty Images)

Former Boohoo boss cites stalking and espionage in resignation

POLICE are investigating allegations of stalking and corporate espionage involving executives at Boohoo Group, including former CEO John Lyttle, current CEO Dan Finley, and co-founder Mahmud Kamani.

The claims have shaken the fast-fashion giant, which also faces a contentious boardroom battle with major shareholder Frasers Group, the Times reported.

Keep ReadingShow less
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)

India’s central bank holds rates at 6.50 per cent despite slowing growth

INDIA'S central bank has decided to keep interest rates unchanged, prioritising inflation risks over concerns about a slowdown in the country's economic growth.

The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. This rate has been steady since February 2023.

Keep ReadingShow less