Mukesh Ambani's Reliance Industries is the first Indian listed company to surpass a market capitalisation of Rs 20 lakh crore
Reliance Industries Ltd achieved a historic milestone by becoming the first Indian company to exceed a market capitalisation of Rs 20 lakh crore on Tuesday. The surge in the shares of the company, supported by Mukesh Ambani, led to a remarkable growth of over 14% in 2024. Reliance Industries Ltd’s stock reached an all-time high of Rs 2,957 on the BSE, marking a 1.8% intraday increase on February 13th.
In August 2005, the conglomerate attained a market capitalization of Rs 1 lakh crore, followed by Rs 2 lakh crore in April 2007, Rs 3 lakh crore in September 2007, and Rs 4 lakh crore in October 2007.
Subsequently, it took 12 years to achieve the Rs 5 lakh crore milestone, which occurred in July 2017. The market value then soared to Rs 10 lakh crore in November 2019 and further climbed to Rs 15 lakh crore in September 2021.
Q3 results 2023-24
Reliance Industries reported a Gross Revenue of Rs 248,160 crore ($29.8 billion), reflecting a 3.2% year-on-year increase. The Quarterly Consolidated EBITDA stood at Rs 44,678 crore ($5.4 billion), marking a 16.7% year-on-year growth.
Specifically, the Quarterly EBITDA of the Oil and Gas business reached Rs 5,804 crore ($697 million), witnessing a substantial 49.6% year-on-year increase. Reliance Retail’s Quarterly EBITDA amounted to Rs 6,258 crore, showing a robust 31.1% year-on-year growth.
The Quarterly EBITDA of JIO platforms reached Rs 13,955 crore, marking an 11.5% year-on-year increase. However, the company’s financial report noted an 11.3% year-on-year increase in finance costs to Rs 5,789 crore ($696 million), primarily attributed to higher loan balances and increased interest rates.
Tax Expenses also saw a 22.1% year-on-year rise to Rs 6,345 crore ($763 million). Despite these factors, Profit after tax demonstrated a 10.9% year-on-year improvement, reaching Rs 19,641 crore ($2.4 billion).
