Reliance Industries, the country’s most valuable firm, announced a net profit of Rs 13,680 crore for the quarter ended September 30, 2021, up 42.99 percent from the same quarter last year on the strength of increasing demand for oil products.
The Mukesh Ambani-led Reliance Industries Ltd results, boosted by the higher realization and a sharp rise in crude oil prices, which benefited the company’s dominant old-economy business, while retail saw footfalls return to pre-Covid levels and telecom per user earnings rose.
Reliance Industries’ overall expenses in the third quarter increased by nearly 45 percent year on year to Rs 1,59,133 crore.
“In Q2FY22, Reliance delivered a great performance. This illustrates our companies’ intrinsic capabilities as well as the Indian and global economies’ solid resurgence. All businesses have grown in comparison to their pre-Covid levels “Mukesh Dhirubhai Ambani, Chairman, and Managing Director, stated in a statement.
He went on to say that the operational and financial results indicated a strong rebound in the retail segment, as well as continued expansion in the oil-to-chemicals (O2C) and digital services businesses.
- Reliance In the second quarter, Jio reported a 0.8 percent increase in standalone net profit to Rs 3,528 crore, meeting Street expectations. Jio’s monthly average revenue per user (ARPU) was Rs 143.60.
- The oil-to-telecom conglomerate’s revenue from operations increased by 50% to Rs 1.74 lakh crore in the second quarter of this fiscal year, compared to Rs 1.16 lakh crore the year before.
- EBITDA (profits before interest, taxes, depreciation, and amortisation), often known as operating profit, for Reliance Industries was $30,283, up over 30%.
- According to a stock exchange statement by Reliance Industries, the company’s telecom unit, Reliance Jio, had a net profit of 3,728 crore in the July-September period, up from 3,019 crore in the same period previous year, representing a year-on-year increase of 24 percent.
- The telecom business reported quarterly operating revenue of Rs 19,777 crore, up 15.1 percent year on year (adjusted for interconnection usage charge or IUC), owing to continued subscriber traction in the connectivity business, with average revenue per user (ARPU) of Rs 143.6 per subscriber per month, up 3.7 percent over the previous quarter.
- Milkbasket, a subscription-based grocery delivery company, Portico, the country’s largest home decorating solutions brand, and JustDial, a leading local search engine platform, were all acquired by Reliance Retail.
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Story first published: Saturday, October 23, 2021, 9:24 [IST]
Original news source Credit: www.goodreturns.in