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Excellent performance by all RIL businesses, net profit up 43 percent to Rs 13,680 crore in Q2

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Mukesh Ambani said that Reliance has performed strongly in Q2 of FY 2021-22.

New Delhi:

Reliance Industries Limited said on Friday that its net profit grew 43 percent in the July-September quarter (Q2) 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 Q2 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 that its income grew 49.2 percent 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 net profit of Jio Platforms in Q2 of the current financial year jumped 23.48 percent to Rs 3,728 crore. RIL’s Jio Platforms unit includes telecom company Jio and App. Earlier, in the Q2 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 Q2 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 the JioPhone Next, an affordable smartphone to hit the market around Diwali.

Responding to the results, RIL Chairman Mukesh Ambani said, “Reliance has performed strongly in Q2 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 a sharp recovery in the retail segment and steady growth in the oil-chemicals and digital services business.

He said that RIL has invested in the best companies in the world working in the field of solar and green energy and expressed confidence that the target of net zero carbon emissions will be achieved by 2035.

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