The Business Bytes
TBB BUREAU
MUMBAI, OCT 22, 2021
Mukesh Ambani-owned Reliance Industries Ltd (RIL) on Friday reported 46 per cent growth in its year-on-year (YoY) consolidated net profit for the quarter ended September 30, 2021.
Based on robust performances in Retail, Digital, Oil and Chemicals businesses, Reliance Industries Limited recorded Rs. 15,479 crore net profit in Q2 FY22 spanning July-September 2021.
In a regulatory filing, the company reported that its consolidated gross revenue for the quarter rose to Rs 191,532 crore, higher by 49.2 per cent.
In Digital, Jio Platforms Ltd. witnessed 23.5 per cent jump in Q2 net profit to Rs. 3,728 crore, while Reliance Retail posted Rs. 1,695 crore net profit, an increase of 74.2 per cent than the previous year. O2C Business posted Q2 net profit of Rs. 9228 crore, a growth of 44.1 per cent over the previous year.
Besides, the consolidated EBITDA for the quarter rose by 30 per cent to Rs 3 0,283 crore.
On a standalone basis, net profit for the quarter was higher by 44.1 per cent year-on-year to Rs 9,228 crore.
Furthermore, the gross revenue on a standalone basis for the quarter rose by 68.8 per cent to Rs 108,750 crore.
“As the pandemic retreats, I am pleased that Reliance has posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies,” Reliance Industries Ltd Chairman and Managing Director Mukesh D. Ambani said.
“All our businesses reflect growth over pre-COVID levels. Our operational and financial performance reflects sharp recovery in the retail segment and sustained growth in Oil-to-Chemicals (O2C) and Digital Services business,” he added.
The RIL Chairman further said, “Our O2C business benefited from sharp recovery in demand across products and higher transportation fuel margins. Reliance Retail continues to grow on the back of rapid expansion of both physical stores and digital offerings resulting in healthy growth in revenues and margin expansion. Jio, Our digital services business continues to transform the broadband market in India and set new benchmarks for the industry.
We continue to make steady progress in accelerating our foray into New Energy and New Materials business. Our partnership approach and the desire to bring India to the forefront of global transition to clean and green transition is underscored by our recent investments in some of the best companies in the world in the solar and green energy space.”
