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Reliance Industries’ second quarter net profit up 43 percent to Rs 13,680 crore

Reliance Industries' second quarter net profit up 43 percent to Rs 13,680 crore

Reliance Industries Limited (RIL) net profit rose 43 per cent. (file photo)

New Delhi:

Reliance Industries Limited (RIL) on Friday said that its net profit grew 43 per cent in the July-September quarter of the current financial year 2021-22 due to the good performance of all businesses. The company said in a statement that its net profit in the second quarter of the current financial year increased to Rs 13,680 crore as compared to Rs 9,567 crore a year ago. In this way, the company earned a net profit of Rs 20.88 per share, which was Rs 14.84 per share a year ago. RIL said its income grew 49.2 per cent to Rs 1,91,532 crore in the September quarter.

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Reliance is active in four business segments – oil-chemicals (or O2C), retail business, telecom arm and new energy business. O2C includes its oil refinery, petrochemical plant and fuel retail business. Retail business includes retail stores and e-commerce. Telecom branch includes digital services linked to Jio.

O2C saw a gradual increase in demand for the fifth consecutive quarter. Its profit before tax (EBITDA) grew by four per cent on a quarter-on-quarter basis and by 43.9 per cent on a year-on-year basis to Rs 12,720 crore. Reliance Retail’s pre-tax EBITDA increased by 45.2 per cent to Rs 2,913 crore.

According to the statement, the consolidated net profit of Jio Platforms jumped 23.48 percent to Rs 3,728 crore in the July-September quarter of the current financial year. RIL’s Jio Platforms unit includes telecom company Jio and App.
Earlier, in the same quarter of the financial year 2020-21, Jio Platforms had a net profit of Rs 3,019 crore. The company’s gross income grew nearly seven percent to Rs 23,222 crore in the quarter ended September 2021 from Rs 21,708 crore in the same quarter a year ago.

With adjustment for ‘interconnect’ usage charges, Jio Platforms’ gross income grew 15.2 per cent year-on-year to Rs 23,222 crore in the second quarter of the current fiscal. Reliance’s capital expenditure (including exchange rate difference) for the quarter ended September 30, 2021 was Rs 39,350 crore. Reliance said it is working with Google to launch JioPhone Next, an affordable smartphone that will hit the market around Diwali.

Responding to the results, RIL Chairman Mukesh Ambani said, “Reliance has demonstrated a strong performance in the second quarter of FY 2021-22. This reflects the inherent strength of our businesses and the strength of the Indian and global economies. All of our businesses have grown beyond pre-Covid levels. Our financial performance reflects the sharp recovery in the retail segment and steady growth in the oil-chemicals and digital services business.” He added that RIL has invested in the world’s best companies operating in solar and green energy and Expressed confidence that by 2035 the net zero carbon emission target will be achieved.

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(Except for the headline, this news has not been edited by the NDTV team, it has been published directly from the Syndicate feed.)

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