Reliance Industries, the conglomerate controlled by billionaire Mukesh Ambani, has become the first company in India to generate $100 billion in annual revenue, after reporting a record-setting 2021-2022 fiscal year driven by its retail and digital services units.
Consolidated annual revenue through the end of the fiscal year to March 31 surged 47 per cent to $104.6bn, while net profit rose about 26 per cent to $9bn, India's most valuable company said.
Earnings before interest, taxes, depreciation and amortisation also reached a new yearly high, jumping 29 per cent to $16.6bn, said Reliance, which also announced a dividend of 8 rupees ($0.10) per share. Earnings per share stood about 21 per cent higher at 92 rupees.
"The gradual opening up of economies coupled with sustained high utilisation rates across sites and the improvement in transportation fuel margins and volumes have bolstered our O2C earnings," said Mr Ambani, Reliance's chairman and managing director and Asia's second-wealthiest person, referring to the company's oil-to-chemicals business.
On a quarterly basis, however, Reliance missed analyst projections despite all its units doing well. Net income rose 22 per cent to $2.1bn in the three-month period, short of the $2.18bn estimated by Bloomberg. Revenue increased 37 per cent to almost $28bn in the quarter from a year ago, also narrowly missing expectations.
Reliance — which has a diverse portfolio spanning energy, retail, telecoms and mass media — acknowledged the challenges from the lingering effects of the Covid-19 pandemic and Russia's military offensive in Ukraine, which offset gains made from fuel exports.
Reliance's retail business, which was hit by the pandemic and its related restrictions, rebounded as consumer demand rose. Gross revenue for the fiscal year was $26.3bn, about 27 per cent higher compared to the year-ago period. Net profit surged almost 29 per cent to $931m.
On a quarterly basis, the retail unit — which crossed the 15,000-store mark — posted revenue of $7.7bn, about 23 per cent up compared to a year ago. Net profit, however, slid 4.8 per cent to $282m.
Reliance is facing stiff competition domestically. Last month, the $103bn Tata Group rolled out its long-awaited all-in-one e-commerce app, challenging Reliance and other established names in the sector, including Amazon and Walmart, in the fiercely competitive sector.
At Jio Platforms, Reliance's telecoms arm, revenue rose 17 per cent annually to $12.6bn, while net profit grew almost a quarter to $2bn. For the fourth quarter, revenue jumped about 21 per cent to $3.4bn, while net profit climbed 23 per cent to $569m.
Acquisitions and co-operations are also continuing. Reliance in April said it was in early stages of weighing a possible bid for Walgreens Boots Alliance’s international drugstore unit, sources said. However, in the same month, Mr Ambani abandoned a plan to buy teetering Indian retailer Future Group amid protracted legal challenges from Amazon, the world's largest e-commerce marketplace.
Late last month, Reliance signed a formal shareholder agreement with Abu Dhabi Chemicals Derivatives Company to develop a major chemicals project at the latter's industrial chemicals zone in Ruwais.
Mr Ambani added that Reliance, one of India's largest private-sector employers, was able to create around 210,000 jobs in the country over the past year.
The company is also pushing forward to boost its energy portfolio and sustainable ambitions with the development of its "new energy giga factories" complex in Jamnagar, a city in Gujarat state.
This will help provide affordable and greener energy to India's consumers and meet the growing needs of the market, at the same time helping Reliance achieve its target of becoming net carbon zero by 2035, Mr Ambani said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
DIVINE%20INTERVENTOIN
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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Race card:
6.30pm: Maiden; Dh165,000; 2,000m
7.05pm: Handicap; Dh165,000; 2,200m
7.40pm: Conditions; Dh240,000; 1,600m
8.15pm: Handicap; Dh190,000; 2,000m
8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m
9.25pm: Handicap; Dh170,000; 1,600m
10pm: Handicap; Dh190,000; 1,400m
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
