Reliance Industries (RIL) on Friday became the first Indian company to cross the $100-billion turnover in a financial year. It reported consolidated revenues of Rs 7.92 trillion ($104.6 billion) for FY22.

The growth in revenues was a strong 47% over that in FY21 and was driven by a broad-based improvement, and in particular, strong refining margins and higher realisations for downstream products.

The RIL stock has been among the best-performing stocks on the bourses, gaining 13% in three months. The stock hit a record high of Rs 2,819.20 on April 28.

On Friday, the stock closed at Rs 2,621.15 on the BSE.

The O2C conglomerate notched up net profits of Rs 67,845 crore, up 26.2% over the previous year on the back of a 28.8% rise in Ebitda (earnings before interest, tax, depreciation and amortisation) to Rs 1.26 trillion.

A big chunk of the Ebitda came in from the oil and chemicals segment, helped by strong margins on transportation fuels. The retail business did well to notch up a profit of Rs 7,055 crore. The network comprises 15,000 stores. The telecom business — Jio Platforms – posted profits of Rs 15.48 crore.

For Q4FY22, RIL’s gross revenue was Rs 2.32 trillion, up 35.1% year-on-year, while Ebitda came in at Rs 33,968 crore, an increase of 27.7%. The net profit for the quarter was Rs 18,021 crore, a rise of 20.2%.

RIL said in a statement that Singapore gas oil cracks averaged $21.6/bbl in Q4FY22 against $12.6/bbl in Q3FY22 and $5.8/bbl in Q4FY21. The company said demand for oil globally was good due to strong manufacturing and industrial growth and increased global mobility as pandemic-related restrictions were eased. The price of crude oil went up sharply as inventories shrank and the mandated increase in supply from Opec was lower in the wake of geopolitical tensions.

RIL chairman Mukesh Ambani said in a release that the company was moving ahead with the development of the New Energy Giga Factories complex across 5,000 acres in Jamnagar. “With the strong global partnerships we have, I am confident that Reliance will create sustainable and affordable new energy solutions for India to help her meet growing energy needs, while ensuring that we achieve our ambitious target of Net Carbon Zero by 2035,” Ambani said.