Guwahati: Reliance Industries Ltd. announced a 22.5 percent increase in net profit for the March quarter, owing to higher oil refining margins, consistent growth in telecom and digital services, and good momentum in the retail division.

The oil-to-retail-to-telecom conglomerate's consolidated net profit increased to Rs 16,203 crore from Rs 13,227 crore in the quarter ended March 31, 2022, according to a statement.

However, net profit declined 12.6% sequentially, snapping a six-quarter streak of quarter-on-quarter growth.

Reliance's profitability increased as internet users increased, online retail gained traction, and new energy investment took root. In the fourth quarter of FY22, the nation's largest firm by market capitalization increased its consolidated sales by 35% year on year to Rs 2.32 lakh crore.

Reliance recorded a net profit of Rs 60,705 crore on revenue of Rs 7.92 lakh crore for the fiscal year 2021-22 (April 2021 to March 2022). (USD 102 billion).

It is the first Indian firm to earn a revenue of more than $100 billion in a single year.

The company announced its best quarterly EBITDA (profits before interest, taxes, depreciation, and amortisation) of Rs 33,968 crore, up 28% year on year.

EBITDA from the oil-to-chemical business increased by 25% to Rs 14,241 crore, while pre-tax earnings from digital services increased by 25% to Rs 11,209 crore. EBITDA from the oil-to-chemical business increased by 25% to Rs 14,241 crore, while pre-tax earnings from digital services increased by 25% to Rs 11,209 crore.

Retail EBITDA increased by 2.5 percent to Rs 3,712 crore, while gas production from satellite locations in the KG-D6 block more than tripled oil and gas EBITDA to Rs 1,556 crore.

The consumer business now accounts for roughly half of sector EBITDA.

The crisis between Russia and Ukraine exacerbated an already tight demand-supply scenario for crude oil-petroleum products, resulting in greater cracks or margins on gasoline and diesel.