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Reliance Industries first Indian company to cross Rs 1 lakh crore EBITDA-mark, says Mukesh Ambani

RIL 43rd AGM: Reliance Industries reported 10.4 per cent growth in EBITDA at Rs 1,02,280 crore in FY20 as compared to Rs 92,656 crore in the year-ago period

twitter-logoBusinessToday.In | July 15, 2020 | Updated 15:13 IST
Reliance Industries first Indian company to cross Rs 1 lakh crore EBITDA-mark, says Mukesh Ambani
Reliance recorded consolidated net profit of Rs 44,324 crore in FY20, says Mukesh Ambani

Mukesh Ambani, the Chairman of Reliance Industries (RIL), on Wednesday said that the oil-to-telecom conglomerate has had yet another year of record performance on the back of exponential growth in consumer and digital business. RIL, the country's most valued firm, has become first Indian company to cross annual EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) of Rs 1 lakh crore, said Ambani while addressing shareholders during the 43rd AGM of the company.

RIL reported 10.4 per cent EBITDA growth at Rs 1,02,280 crore in FY20 as compared to Rs 92,656 crore in the year-ago period. The company delivered a robust performance in oil-to-chemicals (O2C) business despite the weak global economic environment and volatility in energy markets.

RIL's consumer businesses continue to establish new milestones every year, with Reliance Retail and Jio collectively reporting 49.3 per cent YoY of the consolidated EBITDA. Consumer businesses now account for 35 per cent of its consolidated segment EBITDA, Ambani said.

Despite volatile environment in wake of COVID-19 pandemic, Reliance recorded consolidated net profit of Rs 44,324 crore ($ 5.9 billion) during the year, registering a growth of 11.3 per cent YoY (before exceptional items), he said.

RIL's telecom unit Reliance Jio Infocom reported 177 per cent annual rise in its profit at Rs 2,331 crore as compared to a net profit of Rs 840 crore in the same quarter of last fiscal.

"Our consumer businesses further strengthened their leadership positions and recorded robust growth on all operating and financial parameters during the year. Both Reliance Retail and Reliance Jio continue to work towards providing superior products and services to Indian consumers. Our O2Cbusiness delivered sustained earnings due to its integrated portfolio, cost competitiveness, feedstock flexibility and product placement capabilities," said Ambani.

Retail business continues to scale new heights, achieving a turnover of Rs 1,62,936 crore and a store count of 11,784. "We are witnessing incredible growth and strong traction across consumption baskets, on the back of unmatched service and value proposition," he said.

By Chitranjan Kumar

Also Read: BREAKING: Google to invest Rs 33,737 crore in Jio Platforms

Also Read: RIL AGM Live Updates: Now, Jio has both Google and Facebook among investors!

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