Reliance Retail Ventures Limited's Strong Quarter: Revenue Grows by 10.6%
Reliance Industries, the largest private company in the country, reported a decline in profits for the fourth quarter of the financial year 2023-24. The company's profit decreased by approximately 2 percent to Rs 18,951 crore compared to Rs 19,299 crore in the same period of the previous financial year. However, Reliance Industries saw an 11 percent increase in revenue from operations for the fourth quarter, reaching Rs 2.4 lakh crore compared to Rs 2.16 lakh crore in the fourth quarter of the previous financial year. Additionally, Reliance Industries announced a dividend of Rs 10 per share to its shareholders.
Reliance Industries, in a regulatory filing with the stock exchange, disclosed that its consolidated revenue for the entire financial year amounted to Rs 10000122 crore ($ 119.9 billion), marking a 2.6 percent increase. The company further stated that its pre-tax profit for the entire financial year has surpassed Rs 1 lakh crore, reaching Rs 104727 crore, reflecting an 11.4 percent growth compared to the previous financial year. After-tax deductions, the company's profit for the entire financial year amounted to Rs 79020 crore.
Reliance Industries Chairman and Managing Director Mukesh Ambani highlighted in the quarterly results that all sectors of Reliance have significantly contributed to the advancement of the Indian economy. He expressed satisfaction with the outstanding financial and operational performance across all segments, which has propelled the Indian economy forward. Ambani also noted that Reliance has reached several milestones, notably becoming the first company in India to surpass a pre-tax profit of Rs 1 lakh crore.
In addition to Reliance Industries, Jio Platforms' financial results have been announced. In the fourth quarter, Jio Platforms recorded a revenue increase of 13.3 percent, reaching Rs 33,835 crore. At the same time, its net profit amounted to Rs 5583 crore, compared to Rs 4985 crore in the corresponding quarter of the previous financial year.
Similarly, Reliance Retail Ventures Limited witnessed a 10.6 percent growth in revenue during the fourth quarter, reaching Rs 76,627 crore. The company reported a net profit of Rs 2698 crore in this quarter, up from Rs 2415 crore in the same quarter of the previous financial year.
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