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Reliance Industries (RIL) touches on a new milestone in the fourth quarter results for FY22. The Mukesh Ambani-backed company now becomes the first Indian firm to ever clock an annual revenue of more than a whopping $100 billion. The performance was due to strong growth across the operating business.

In FY22, RIL's annual consolidated revenue stood at 792,756 crore ($104.6 billion) rising by 47% yoy. The company's annual PAT neared the $10 billion mark, as it stood at 67,845 crore ($9 billion) increasing by 26.2% yoy. Annual consolidated EBITDA stood at 125,687 crore ($16.6 billion) up by 28.8% yoy.

Reliance recorded strong growth in retail, digital services, and oil & gas business.

Annual revenue of retail business reached to nearly 2 lakh crore, while EBITDA clocked an all-time high of 12,423 crore ($1.6 billion). Meanwhile, the annual revenue of digital business crossed 1 lakh crore mark and its EBITDA stood at a record of 40,268 crore ($5.3 billion). Oil & Gas' annual operating profit reached seven years high of 5,457 crore ($720 million).

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY2021-22. I am pleased to report strong growth in our Digital Services and Retail segments. Our O2C business has proven its resilience and has demonstrated strong recovery despite volatility in the energy markets."

Here are key highlights of the earnings:

Q4FY22:

In Q4FY22, RIL's profit to owners stood at 16,203 crore on a consolidated basis, increasing by 22.4% compared to 13,227 crore a year ago same period. Consolidated revenue jumped by 36.79% to 211,887 crore in Q4FY22 against 154,896 crore in the same quarter last year.

On a standalone basis, profit after tax stood at 11,094 crore in Q4FY22 versus 7,617 crore in Q4FY21. Consolidated revenue from operations stood at 133,991 crore in Q4FY22 making strong gains against 85,977 crore witnessed in Q4FY22.

Jio Platforms:

The telco's gross Revenue for the year was at 95,804 crore ($ 12.6 billion), higher by 17.1% (adjusted for Interconnect Usage Charges (IUC)). EBITDA stood at 39,112 crore ($ 5.2 billion), an increase of 20.9% yoy in FY22, while PAT came in at 15,487 crore ($ 2.0 billion), a growth of 23.6% for the year.

The company's total data traffic was 91.4 billion GB for the year; 46.3% growth. Cash profit for the quarter was 34,639 crore ($ 4.6 billion), a growth of 21.6% yoy.

Total customer base as of 31st March 2022 of 410.2 million.

Reliance Retail:

As per the RIL statement, Reliance Retail sustained its consistent and resilient performance, while delivering another year of robust revenue growth and profit improvement. The business continued to scale new highs, registering the highest ever revenue and EBITDA.

The retail business witnessed a Gross Revenue of 199,704 crore ($ 26.3 billion) for the year FY 22, a growth of 26.7% over last year driven by broad-based growth across all consumption baskets. This is despite COVID restrictions in place during the year with 87% of the stores operational and 81% footfall recorded at stores as compared to pre-COVID levels.

Further, the business crossed a milestone of Rs12,000 crore EBITDA in a year for the first time. It recorded an all-time high EBITDA of 12,381 crore ($ 1.6 billion) for FY22, a growth of 26.5% Y-o-Y driven by strong revenue performance across all consumption baskets.

Net profit for the year was 7,055 crore ($ 931 million) higher by 28.7%.

Reliance Retail continued to attract more and more customers across the country through its wide portfolio of stores and digital commerce platforms with its registered customer base growing to 193 million, up 24% Y-o-Y.

Oil To Chemicals (O2C) business:

According to RIL, segment Revenue for FY22 increased by 56.5% Y-o-Y to 500,900 crore ($ 66.1 billion) primarily on account of an increase in crude oil prices and higher price realisation of downstream products. Segment Revenue growth was also supported by 7.5% higher volumes led primarily by transportation fuels.

Further, it pointed out that segment EBITDA for FY22 improved sharply by 38.1% Y-o-Y to 52,722 crore ($ 7.0 billion) primarily on account of better transportation fuels margins due to demand revival, higher domestic product placement for polymers and polyesters, and optimized operations across energy, feedstock, and product mix.

Global refinery throughput remained almost flat Q-o-Q at 79.8 mb/d in 4Q FY22, however, it was higher by 4.1 mb/d on Y-o-Y basis.

Also, domestic oil demand for 4QFY22 increased by 3.1% Y-o-Y. This was led by Jet Fuel and gasoline. Demand for these products increased by 6.5% and 1.4% respectively. Demand for diesel remained flat on a Y-o-Y basis.

Oil & Gas business:

RIL points out that segment revenue here for FY22 increased 3.5x Y-o-Y to 7,492 crore. Segment EBITDA sharply increased to 5,457 crore, with an EBITDA margin of 72.8%. This was primarily due to higher production from KGD6 post commencement of gas production from R-Cluster and Sat-Cluster field coupled with higher gas price realization in KGD6 and CBM.

The average price realization for KGD6 gas was at $ 4.92/MMBTU in FY22 vs $ 3.96/MMBtu in FY21.

Notably, the current combined average production from these two fields is > 18.0 MMSCMD.

Also, gas produced from KGD6 during FY22 was at 149.5 BCF (RIL’s share) vis-à-vis 16.0 BCF (RIL’s share) in FY21. KGD6 also produced 0.135 MMBO (RIL’s share) of Crude Oil from the R-Cluster field.

CBM gas production for FY22 was at 10.2 BCF vis-à-vis 11.8 BCF in FY21.

Media business:

RIL highlighted that media business operating revenue grew 25.0%, driven by strong growth in advertising revenues. However, subscription revenue remained flat as the uncertainty on NTO 2.0 implementation continued through the year restricting any change in subscription pricing.

The business delivered the highest ever consolidated EBITDA of 1,080 crore, up by 35.7%. EBITDA margin rose to the highest ever 18.4% (up 150 bps), 4 years of continuous improvement.

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