Reliance Industries Profit Rises 43% To Rs 13,680 Crore In September Quarter
- The oil-to-telecom conglomerate's revenue from operations in the second quarter of the current fiscal advanced 50 per cent to Rs 1.74 lakh crore compared to Rs 1.16 lakh crore in the year ago period.Â
- Reliance Industries earnings before interest, tax, depreciation and amortization (EBITDA) also known as the operating profit came in Rs 30,283, up almost 30Â per cent.
- "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. All our businesses reflect growth over pre-COVID levels,'' said Mr Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.
- Reliance's Oil-to-Chemicals (O2C) segment's revenue rose 58 per cent to Rs 1,20,475 crore benefitting from sharp recovery in demand across products, increase in oil prices, and higher transportation fuel margins.
- The company's telecom arm - Reliance Jio's net profit in the July-September period stood at Rs 3,728 crore, compared to Rs 3,019 crore in the corresponding period last year, marking a growth of 24 per cent year-on-year, according to the stock exchange filing by Reliance Industries.
- Jio's average revenue per user (ARPU), a key metric to evaluate the performance of a telecom company, improved to Rs 143.6 per user per month from Rs 138.4 in the preceding April-June quarter.
- Reliance Retail's net profit surged 74 per cent to Rs 1,695 crore - higher than pre-Covid period, while its EBITDA came in at Rs 2,913 crore, up 45 per cent. During the quarter, Reliance Retail opened 183 new stores taking the total number of operational stores to 13,635 stores, Reliance Industries said.
- During the September quarter, Reliance Retail completed the acquisition of Milkbasket - a subscription-based grocery delivery platform, Portico, the country's leading home styling solutions brand, and JustDial - a leading local search engine platform.
- Recently, the retail arm announced strategic partnerships with major investments in Ritu Kumar's and Manish Malhotra's eponymous designer labels. Additionally, AJIO - the digital ecommerce initiative reported another quarter of highest ever revenues during the quarter.
- On Friday, October 22, shares of Reliance settled 0.15 per cent higher at Rs 2,627.05 apiece on the BSE. Reliance Industries opened on the BSE at Rs 2,623.80, swinging to an intra day high of Rs 2,664.70 and an intra day low of Rs 2,611.40, throughout the trading session today.Â
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