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.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20flat-six%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E525hp%20(GT3)%2C%20500hp%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E465Nm%20(GT3)%2C%20450Nm%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh944%2C000%20(GT3)%2C%20Dh581%2C700%20(GT4)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3Ethree%20three%20212.7kWh%20motors%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%201%2C000bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E15%2C600Nm%3Cbr%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20530km%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh500%2C000%2B%20est%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Eearly%202023%3C%2Fp%3E%0A
Read more about the coronavirus
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Afro%20salons
%3Cp%3E%3Cstrong%3EFor%20women%3A%3C%2Fstrong%3E%3Cbr%3ESisu%20Hair%20Salon%2C%20Jumeirah%201%2C%20Dubai%3Cbr%3EBoho%20Salon%2C%20Al%20Barsha%20South%2C%20Dubai%3Cbr%3EMoonlight%2C%20Al%20Falah%20Street%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EFor%20men%3A%3C%2Fstrong%3E%3Cbr%3EMK%20Barbershop%2C%20Dar%20Al%20Wasl%20Mall%2C%20Dubai%3Cbr%3ERegency%20Saloon%2C%20Al%20Zahiyah%2C%20Abu%20Dhabi%3Cbr%3EUptown%20Barbershop%2C%20Al%20Nasseriya%2C%20Sharjah%3C%2Fp%3E%0A
