The company was able to outperform Reliance Jio due to increase in tariff and profit from US shale gas business. The company said in a statement that its net profit in the third quarter increased by 35.6 percent compared to the previous quarter. The country’s largest company’s cumulative earnings by market valuation grew 9.5 per cent over the previous quarter and 52.2 per cent year-on-year to Rs 209,823 crore.
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Reliance is active in four business verticals 1) Oil to Chemicals (O2C) business including its oil refineries, petrochemical plants and fuel retail businesses, 2) Retail business, 3) Digital services, which includes telecom arm Jio, 4) Innovation energy business. Expressing happiness over the company’s results, Reliance Industries Chairman Mukesh Ambani said, “Reliance has performed well in the third quarter of FY 2022. We have delivered record results with strong contributions from all our businesses. Retail business activity has returned to normal with strong growth in consumption on account of festive season and relaxation in ‘online’. Our digital services business has also registered massive, sustainable and profitable growth.”
The company was once again in a position of net debt due to liabilities of telecom spectrum. The company’s total cash surplus of Rs 2,41,846 crore was lower as against total debt of Rs 2,44,708 crore. The company was net debt free for the last few quarters. Operating profit of the C2C segment grew sequentially for the sixth consecutive quarter on the back of improvement in refining margins and prices. Profit before tax of O2C business grew by 38.7% year-on-year to ₹13,530 crore. Refining margins improved in Q3 on account of storage gains and improvement in petrol, diesel and jet fuel.
The company made an extraordinary profit of Rs 2,872 crore from the sale of shale gas assets. IIL said in a statement that this is the best result of Jio and Retail so far. According to the statement, the business of digital services under Jio Platforms Limited also performed strongly. Jio’s subscriber base had grown to 42.10 crore at the end of the third quarter. 10 million customers have been connected to the Jio network in the last 12 months. The Monthly Average Earnings (ARPU) per user increased to Rs 151.6 during this period. An increase in data and voice traffic ie calling has been recorded per user per month. Data consumption on Jio network increased to 18.4 GB and voice traffic to 901 minutes. These increased by 42.6 percent and 13.2 percent, respectively.
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The company said that Jio’s fixedline broadband service JioFiber has also reached 5 million subscribers and this number is increasing rapidly. Has carried forward the trials of 5G in about 1,000 cities across the country. With the fear of the Kovid epidemic over, Reliance Retail posted the highest ever revenue during the December 2021 quarter. Retail was also strengthened by digital and new commerce business. Reliance Retail’s net income grew 52.5% to ₹57,714 crore during the quarter under review, while EBITDA jumped 23.8 percent year-on-year. Reliance Retail has opened 837 new stores during the quarter under review. Now the total number of Reliance Retail stores has gone up to 14,412, which are spread over 40 million square feet.
Jio net profit also increased
Jio Platforms’ net profit rose 8.8 percent to Rs 3,795 crore in the third quarter of the current financial year ended December 31. It was Rs 3,486 crore in the same period a year ago. The company said on Friday that its operating income grew by 5.76 percent to Rs 24,176 crore during the October-December 2021 quarter. It was Rs 22,858 crore in the corresponding quarter of the previous financial year.
Apart from this, the net profit of Reliance Jio (RJIL), the telecom services arm of Jio Platforms, grew by 9.8 percent to Rs 3,615 crore in the quarter under review as against Rs 3,291 crore in the third quarter of the previous financial year. The same RJIL’s operating income increased by 4.62 to Rs 19,347 crore in the non-review quarter. It was Rs 18,492 crore in the same period a year ago. The total subscriber base of Jio Platforms also increased to 421 million in the quarter ended December 31. Earlier it was 41 crore in the same quarter of the previous financial year.
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(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)