Reliance Industries Q2 net profit jumps 43% to Rs 13,680 crore

NEW DELHI: Reliance Industries Limited (RIL) on Friday posted a 43 per cent jump in its consolidated net profit for the second quarter (Q2) ending September 30.
The company posted a net profit of Rs 13,680 crore in Q2 as against a profit of Rs 9,567 crore in the same period last year.
In terms of quarter-on-quarter growth, RIL posted 11.46 per cent rise in net profit. It had reported a profit of Rs 12,273 crore in the previous quarter ended June 30.
The company's revenue from operations also jumped 48.05 per cent from Rs 1,78,328 crore in the September quarter from Rs 1,20,444 crore a year back.
Commenting on the results, Mukesh Ambani, chairman and managing director of Reliance Industries Limited said: "As the pandemic retreats, I am pleased that Reliance has posted a strong performance in Q2 FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies."
Reliance operates four business verticals - the oil-to-chemical (or O2C) business includes its oil refineries, petrochemical plants, and fuel retailing business; retail business that houses brick-and-motor stores and e-commerce; Digital Services that cover telecom arm Jio; and New Energy business.
O2C reported the fifth consecutive quarter of sequential growth on demand recovery. EBITDA at Rs 12,720 crore was up 4 per cent quarter-on-quarter and and 43.9 per cent year-on-year.
"Our O2C business benefited from the 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," he added.
Meanwhile, RIL's telecom arm Jio reported a 24 per cent rise in net profit for the period under consideration.
Its gross revenue during July-September 2021 increased about seven per cent to Rs 23,222 crore, compared with Rs 21,708 crore in the year-ago period.
The quarterly operating revenue (net of GST) also increased seven per cent to Rs 19,777 crore, from Rs 18,496 crore it registered in the year-ago period.
Overall, RIL's revenue from operations rose 50 per cent Rs to 1.74 lakh crore from a year earlier.
Reliance said it is working with Google to launch the low-priced smartphone JioPhone Next, to be available around Diwali.
With the increase in electronics, jewellery, and fashion sales, retail business crossed pre-Covid level. Reliance Retail EBIDTA was up 45.2 per cent at Rs 2,913 crore as it opened 813 new stores during the quarter, taking the total count to 13,635 stores across 37.3 million square feet of retail space.
The oil and gas segment posted a 363 per cent YoY spurt in revenues to Rs 1,644 crore with segment EBITDA of Rs 1,071 crore. This is on the back of the start of production from satellite cluster fields in the KG-D6 block, taking the overall production to 18 million standard cubic metres per day.
(With inputs from agencies)