RIL Q1 net profit up 40% to Rs 19.4K crore

Reliance Retail’s gross revenue increased to Rs 58,554 crore in June 2022 quarter as against Rs 38,547 crore a year ago. Its net profit rose by 114.2 per cent to Rs 2,061 crore.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins.”

Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever, RIL said. “I am also happy with the progress of our consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures,” Ambani said.

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“Customer engagement on our digital services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions. Reliance is committed to invest in India’s energy security,” he said.

“Our new energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians,” RIL said.