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Robust performance across businesses including telecom, retail and improvement in oil refining margins catapulted Reliance Industries (RIL) consolidated net profit by 41.58 per cent at ₹18,549 crore for the third quarter compared to a net profit of ₹13,101 crore in the corresponding period year ago.
The oil to telecom giant led by Mukesh Ambani reported a 54.25 per cent growth in consolidated revenue at Rs 191,271 crore during the third quarter from ₹123,997 crore last year.
“Both our consumer businesses, retail and digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth,” Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said.
Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix, he said.
“The recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings. Our Oil and Gas segment delivered strong growth in EBITDA with volume growth and improved realization,” Ambani added.
The O2C business revenues rose 56.76 per cent to ₹131,427 crore for the December quarter (Rs83,838 crore).
Record Revenues for Retail
Reliance Retail has delivered a landmark quarter with all-time high EBIDTA and revenues. Reliance Retail clocked a Gross Revenue for the quarter was Rs 57,714 crore higher by 52.5per cent year-on-year.The company’s net profit for the quarter was ₹ 2,259 crore higher by 23.4per cent.
“All time high revenues were recorded across all consumption baskets driven by highest ever store sales and sustained growth momentum in digital & new commerce. Consumer Electronics & Footwear doubled their business on the back of strong festive sales while Grocery sustained its consistent and strong double-digit growth momentum,” the company said.
Digital PAT up 9%
The digital business Jio Platforms has reported an 8.9 per cent growth in net profit to Rs 3,795 crore during the third quarter compared to Rs 3,486 crore in the same period last year. Gross Revenuefor the quarter was ₹ 24,176 crores higher by 13.8 per cent. The total customer base was up by 10.2 million at 421 million. Average Revenue Per User during the quarter was up by 8.4 per cent at ₹151.6 per subscriber per month. Jio undertook a 20 per cent hike across prepaid plans effective December 1. The full impact of the tariff hike will be reflected in ARPU and financials over the next few quarters. Total data traffic was 23.4 billion GB during the quarter which is 47.8 per cent higher growth compared to last year. The company said that 5G coverage planning has been completed for 1,000 top cities across the country. Jio has been doing trials on advanced use cases across healthcare and industrial automation on its 5G network.
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