The Mukesh Ambani led Reliance industries has become the first private company in the history of India to post over four lakh crore annual sales. The company announced it’s 2013-14 financial results yesterday. The annuals sales stood at 4,01,302 crores! The performance is about 30,000 crores higher than last years earnings. 2013-14 fourth quarter results are the highest in last two financial years. The year’s net profit stood at a record 21,984 crores, highest for any private company in the country. The net profit was 4.7% higher than last year’s.
Oil refining income rose at 12.3% for the company, much higher than any other sector. Rupee’s significant decline this year compared to last year also added to the profit margin, said Mukesh Ambani. Talking about the contribution of the efining business to the company earnings, Ambani said, “while we continue to face technical challenges in growing domestic upstream production, the US shale gas business grew significantly during the year and has become a material contributor to our earnings.”