RIL Q2 results: Net profit jumps 46% YoY to Rs 15,479 crore
RIL's consolidated total income increased by 48% YoY to Rs 1,78,328 crore.
Energy-to-telecom behemoth Reliance Industries (RIL) on Friday reported a jump of 46% year-on-year in consolidated net profit at Rs 15,479 crore for the quarter ended September 30. It had reported a profit of Rs 10,602 crore in the same period last year. Consolidated total income increased by 48% YoY to Rs 1,78,328 crore.
Commenting on the results, Mukesh Ambani, chairman and managing director, Reliance Industries said, “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. 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.”
The company announced its results post-market hours. Earlier during the day, shares of the company ended flat at Rs 2,625 up by 0.12% on the NSE.
Jio Platforms
Consolidated net profit of Jio Platforms increased by 23.5% YoY to Rs 3,728 crore. Revenue and EBITDA also grew by 15.2% YoY and 16.6% YoY to Rs 23,222 crore and Rs 9,294 crore, respectively.
“Jio, our digital services business continues to transform the broadband market in India and set new benchmarks for the industry,” said Ambani. The ARPU (Average Revenue Per User) during the quarter stood at Rs 143.6 per subscriber per month and the total customer base as of September 30, 2021, of 42.95 crore.
Reliance Retail
Reliance Retail delivered gross revenue of Rs 45,426 crores, up 10.5% YoY. On the other hand, EBITDA increased by 45.2% YoY to Rs 2,913 crore.
“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.,” said Ambani.
The area under operations for the retail arm of the conglomerate 37.3 million sq. feet as compared to 29.7 million sq. feet in the corresponding quarter of the previous year. It operates 13,635 physical stores of which 813 stores were opened during the quarter.
Oil to chemicals
Segment revenue for Q1FY22 increased by 75.2% YoY to Rs 120,475 crore primarily on account of the sharp increase in product prices on the back of higher crude prices. RIL further highlighted that O2C EBITDA for the June quarter improved by 43.88% YoY to Rs 12,720 crore on a sharp recovery in demand across products and higher transportation fuel margins.
Oil and Gas
Revenue from the oil and gas segment increased by 363.10% YoY to Rs 1,644 crore. EBITDA for the quarter grew sharply to Rs 1,071 crore versus an EBITDA loss of Rs 194 crore in the same quarter in the previous year.