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RIL Q3 net profit up 38%; retail, digital see record revenues

Reliance Industries (RIL) reported a consolidated net profit of Rs 18,549 crore for the quarter ended December 2021, up from Rs 13,101 crore year-ago.

By: Express Web Desk | New Delhi |
Updated: January 22, 2022 1:20:52 am
reliance industries, rilA bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, India January 16, 2017. (REUTERS/File Photo)

Reliance Industries Ltd (RIL), India’s largest company in terms of market valuation, has reported a 37.9 per cent jump in net profit (after exceptional items) for the quarter ended December 2021 at Rs 20,539 crore as against Rs 14,894 crore in the same period of last year.

Gross revenue for the quarter vaulted by 52.2 per cent to Rs 2,09,823 crore, from Rs 1,37,829 crore in the same period of last year.

RIL’s digital arm Reliance Jio Platforms reported gross revenue of Rs 24,176 crore for the quarter, higher by 13.8 per cent from Rs 22,858 crore a year ago. Net profit for the quarter was Rs 3,795 crore, higher by 8.9 per cent from Rs 3,486 crore a year ago. Gross subscriber addition remains strong with total gross adds of 34.6 million in the third quarter of FY22 driven by both mobility and FTTH businesses.

Reliance Retail posted gross revenue of Rs 57,714 crore for the December quarter, higher by 52.5 per cent from the same period of last year. Net profit for the quarter was at Rs 2,259 crore, higher by 23.4 per cent. During the quarter, business added 837 stores taking the total count to 14,412 stores and 2.3 million sq ft. of warehousing space to bolster its service capabilities.

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RIL Chairman and MD Mukesh Ambani said: “I am happy to announce that Reliance has posted best-ever quarterly performance in 3Q FY22 with strong contribution from all our businesses. 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. 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,” Ambani said. “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 the oil-to-chemical (O2C) business deliver robust earnings. “Our oil & gas segment delivered strong growth in EBITDA with volume growth and improved realization. We are making steady progress towards achieving our vision of net carbon zero by 2035,” he said.

“Revenue of O2C was driven by higher volumes and improved price realization on the back of 80 per cent year-on-year increase in crude oil prices,” RIL said. Retail segment revenues increased sharply with normalcy returning in operating environment. Retail registered its highest ever in-store sales and sustained growth momentum in digital & new commerce, it said.

“Our recent partnerships and investments in technology leaders in the solar and green energy space is illustrative of our commitment to partner India and the World in the transition to clean and green energy. We continue to pursue growth initiatives and collaborate with global leaders who share our vision of a sustainable future for our planet,” Ambani said.

RIL shares closed at Rs 2,478.10, down 0.03 per cent on the BSE on Friday.

The company said crude oil benchmarks surged during the quarter due to gas-to-oil switching, stronger refining margins and the continued decline in oil stocks in major consuming regions, while the rise in prices was kept in check due to emergence of Omicron variant.

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