Reliance Industries beats expectations, posts Rs 21,243 crore profit in Q4
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Reliance Industries Ltd. (RIL) said that net profit for the fiscal fourth quarter improved by 0.1 percent to Rs 21,243 crore, above expert estimates. This increase was attributed to a resurgence in the company's primary oil-to-chemicals (O2C) sector.
The company's owners made Rs 18,951 crore in earnings during the fourth quarter, compared to Rs 19,299 crore during the same period previous year.
The corporation's board of directors resolved to distribute a dividend of Rs 10 per share.
In an exchange filing on April 22, the most valued firm in India stated that its revenue for the three months ending March 31 was Rs 2.41 lakh crore.
The analysts forecasted a profit of Rs 18,248 crore on revenue of Rs 2.39 lakh crore, based on an average of 10 brokerage estimates.
“Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production," Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.
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