Amid fluctuations in the wealth of the world’s leading industrialists, Indian businessman Mukesh Ambani has once again registered a major achievement. According to Forbes’ Real-Time Billionaires list, his net worth has increased to $88.8 billion. With this increase, he has become the richest person in Asia and has reached 22nd position in the list of the world’s richest people. In this race, he has left behind ByteDance co-founder Zhang Yiming, whose wealth dropped to $84 billion and he came in 25th place.
At the same time, Adani Group chief Gautam Adani is at number 26 with assets of $80.1 billion. This jump in Ambani’s wealth was recorded after the rise of about 12 percent in the shares of Reliance Industries on Monday. The company’s market value also increased by more than $19 billion. This development has once again underlined the strong position of Reliance in the Indian industry.
Quarterly results boosted confidence in the market
The company’s financial results for the July to September quarter are being considered an important reason behind the rise in shares. Reliance recorded its strongest ever quarterly performance during this period. The company’s total revenue increased by 28 percent year-on-year to Rs 3.62 lakh crore. During the same period, EBITDA increased by 24 percent and stood at Rs 62,409 crore. Net profit jumped 34 percent to Rs 29,550 crore. This is the company’s biggest profit so far in a single quarter.
Oil and chemical business made a big contribution
The company’s oil-to-chemicals business also performed well. Revenue received from this sector increased by 44.2 percent and reached Rs 2.32 lakh crore. EBITDA recorded a growth of about 67.9 percent and stood at Rs 25,203 crore. Transportation fuel margins related to refining also improved from three to 3.7 times compared to last year.
Support also came from listing of Jio platforms
The stock market debut of Reliance Group’s digital unit Jio Platforms was also important for the company. Its shares gained 27 per cent after its listing on the National Stock Exchange in Mumbai on October 28. $3.2 billion was raised through the company’s IPO at a valuation of approximately $106 billion. Reliance has about 66 percent stake in it.
Reliance is included in India’s largest companies
Dhirubhai Ambani laid the foundation of this business group in 1957. Today the market capitalization of Reliance is more than Rs 17.54 lakh crore. Jio is the country’s largest mobile service provider company and as of June, its number of customers was more than 53.3 crore. The company was ranked 55th among the world’s public companies in the Forbes Global 2000 list. These strong business figures have given a new impetus to the increase in Ambani’s wealth.