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Reliance Industries Limited Q1 Profits Jumps 46% To Rs 17.95 Cr

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By: TNI Team
Updated: July 22, 2022 20:58
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited
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NEW DELHI: Reliance Industries Limited (RIL), the Indian mega-conglomerate, announced on Friday that its fiscal first quarter’s combined net profit increased 46% year over year (YoY) to Rs 17,955 crore.

Revenue for the Mukesh Ambani-led firm from April to June totalled Rs 2,23,113 crore, up 54.5 per cent from the same period last year. The company’s consolidated EBITDA was Rs 40,179 crore, up 45.8% year on year. Reliance Jio reported a net profit of Rs 4,335 crore for the same period, up 23% over the previous year.

With a margin of 17.3 per cent for the quarter, RIL’s cash profit for the quarter was Rs 31,916 crore, up 46.2 per cent YoY.

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Ambani, Chairman and Managing Director, said, “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This, along with resurgent demand, has resulted in tighter fuel markets and improved product margins.”

“Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever,” he said.

“Reliance is committed to invest in India’s energy security. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians,” Ambani added hinting at his company’s future course of action.

The refining and petrochemical segment boosted RIL’s June quarter performance. The quarter saw the highest ever revenue for O2C business in a volatile environment, aided by a tight global energy market.

Revenues for the segment increased by 56.7% year over year to Rs 1.6 lakh crore. A 62.6 per cent YoY increase brought the operating profit to Rs 19,888 crore.

Jio Platforms, RIL’s ever-expanding telecom operations, reported a 23.8% YoY growth in revenue from operations to Rs 23,467 crore. Net subscriber addition rebounded to 9.7 million in the June quarter, driven by continued strength in gross additions at 35.2 million and reduced SIM consolidation impact, the company said.

The average revenue per user (ARPU) saw a 4.8% sequential rise as the company benefited from the tariff hikes undertaken last year. The segment’s operating profit jumped 28.5% YoY to Rs 11,424 crore.

It was the best quarter for Reliance Retail in terms of revenues, which stood at Rs 58,554 crore, up 51.9% YoY. “Consumer spending got a boost as families indulged in leisure activities, socializing, festivities and shopping as COVID situation improved though sentiments remained cautious due to inflationary concerns,” RIL said.

Footfalls were recorded at 175 million for the June quarter, higher by 19% from pre-COVID levels as consumers returned to stores. The retail vertical’s operating profit jumped 180.4% YoY to Rs 3,897 crore.

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