Under the leadership of Mukesh Ambani, India's most valuable company Reliance Industries has declared its fourth-quarter results for FY24. The company's net profit stood at ₹18,951 crore, while consolidated revenue jumped by 11% to a whopping ₹2.40 lakh crore. Alongside the release of the quarterly results, Reliance has also announced a dividend for its shareholders.
Company's Results Surpass Expectations
According to the results announced by Reliance, the net profit for the January-March quarter was ₹18,951 crore, down slightly from ₹19,299 crore in the same quarter last year. This indicates a 1.80% dip year-on-year. However, the company's net profit has outperformed analyst predictions, which expected a decline of 5-10%.
As the biggest company by market value, Reliance Industries reported that its consolidated revenue during the January-March quarter rose by 11.3% year-on-year to ₹2,40,715 crore. Analysts had projected a double-digit growth for the firm.
Reliance Sets a New Record
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) disclosed that its trade volume reached ₹10 lakh crore for the financial year 2024, thus becoming the first Indian company to achieve this milestone. The turnover increased by 2.6% to ₹10 lakh crore, up from ₹9.74 lakh crore in the previous financial year. Additionally, Reliance's EBITDA surged by 16.1% to ₹1.79 lakh crore.
Announcement of ₹10 Dividends
Asia's wealthiest individual Mukesh Ambani’s RIL has announced dividends for its shareholders. With the release of the Q4 results, it has been stated that shareholders will receive a dividend of ₹10 per share. It is noteworthy that dividends are a portion of company profits that are distributed among shareholders.
The date for the dividend will be announced following the company's annual general meeting (AGM) at the close of the fiscal year ending on 31 March 2024.
Market Cap Surges Past 20 Lakh Crore
Prior to the announcement of quarterly results, Reliance shares traded in the green throughout the day, closing at ₹2,960.60—up from the opening price of ₹2,950. With this rise, the company's market capitalization crossed the ₹20 lakh crore mark once again. So far in 2024, the stock has climbed by 14.32%.
Chairman Mukesh Ambani's Take on the Results
Reliance Chairman-MD Mukesh Ambani commented that RIL's initiatives have significantly contributed to the growth of various sectors of the Indian Economy. The company has shown robust financial and operational performance in all segments, helping it achieve multiple milestones, including becoming the first Indian company to cross the ₹100,000 crore profit before tax margin.
