Revenues jumped 58 percent year-on-year to Rs 158,862 crore driven by better price realization in the oil to chemicals(O2C) business, higher revenues in the oil and gas business, and a strong performance in the digital services business
Energy-to-digital conglomerate Reliance Industries on Friday reported a consolidated net profit of Rs 13,806 crore for the quarter ended June 30, ahead of market expectations, and 67 percent higher year-on-year.
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Revenues jumped 58 percent year-on-year to Rs 158,862 crore driven by better price realization in the oil to chemicals (O2C) business, higher revenues in the oil and gas business, and a strong performance in the digital services business.
Consolidated operating profit (EBITDA) for the quarter rose 27.6 percent to Rs 27,550 crore, the highest ever for a quarter.
The numbers were driven by strong performances in the oil to chemicals (O2C) and Operating profit in the digital services business stood at a record Rs 9268 crore for the quarter.
Consolidated operating profit margins rose 190 basis points to 17.3 percent. It was the fourth consecutive quarter of sequential growth in operating profit.
The company said there was minimal impact of the second wave of COVID on operating and financial performance, and that its diversified portfolio across the entire consumption basket helped weather what was otherwise a subdued quarter.
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It said that retail and digital services were in a strong position to meet and sustain expected high growth in the post-pandemic period.
RIL’s domestic downstream chemical demand is now close to pre-COVID levels of the March quarter of FY20. If the third wave does not happen, or is minimal, the company’s oxygen production will reduce and contribution loss from this stream will be back to normal from the coming quarter.
The company said it is well positioned to leverage the strong global and domestic growth prospects across the product portfolio in the next 4-6 quarters.
During the quarter, RIL also administered over 10 lakh vaccine doses to employees and their families, free of cost. 98 percent of eligible employees have got at least one dose of vaccine. In addition, the company has started to vaccinate communities from under-privileged sections across the country.
Following is how each of the business segments fared:
Despite operational restrictions, EBITDA for the retail business (Reliance Retail) rose 79.5 percent year-on-year to Rs 1941 crore. Revenues were impacted by the second wave and localized lockdowns. Reliance Retail ramped up digital commerce to serve customer needs, and also added 123 stores, taking the total store count to 12,803.
The digital services business, Jio Platforms, was largely unaffected by the second wave. It logged industry leading subscriber addition with net addition of 14.3 million subscribers, with its subscriber base now at 440.6 million Quarterly traffic was over 20 exabytes or 20 billion GB, a growth of 38.5 percent YoY.
Oil & Gas
EBITDA for the oil and gas business hit a 22- quarter high, with the turnaround being led by the ramp-up at KG D6. EBITDA margin stood at 62.2 percent, up 560 basis points quarter-on-quarter.
(Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
First Published: Jul 23, 2021 7:46 PM IST