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RIL Q1 results: Net profit rises 46% to Rs 17,955 cr; revenue up 54%

RIL Q1 results: Net profit rises 46% to Rs 17,955 cr; revenue up 54%

Sequentially, the company's profit increased 11 per cent in June quarter from Rs 16,203 crore in the previous March quarter.

In May, Mukesh Ambani-led Reliance Jio gained a huge 31 lakh mobile subscribers. In May, Mukesh Ambani-led Reliance Jio gained a huge 31 lakh mobile subscribers.

Billionaire Mukesh Ambani-led oil-to-chemicals-to-telecom conglomerate Reliance Industries Limited (RIL) on Friday posted a consolidated profit after tax (PAT) at Rs 17,955 crore, up 46.3 per cent year-on-year, in the quarter ended 30 June, 2022 following strong performance across its energy, telecom and retail verticals. The company had posted a net profit of Rs 12,273 crore in the year-ago period.

Sequentially, the company's profit increased 11 per cent in June quarter from Rs 16,203 crore in the previous March quarter.

RIL's revenue from operations has come in at Rs 223,113 crore from Rs 144,372 crore, an increase of 54.5 per cent year-on-year.

The conglomerate's EBITDA or earnings before interest, taxes, depreciation, and amortization for the quarter increased 45.8 per cent YoY to Rs 40,179 crore ($ 5.1 billion). It's earnings were share rose 40 per cent to Rs 26.5 per share.

RIL, in a regulatory filing, also stated that it achieved the highest-ever quarterly revenue for its oil-to-chemicals business in a volatile environment, while adding that its retail business, Reliance Retail witnessed best-ever quarterly revenue for reliance retail at Rs 58,554 crore, up 51.9 per cent Y-O-Y.

Moreover, Reliance Jio reported 23.8 per cent rise in standalone net profit at Rs 4,335 crore for the quarter ended 30 June, 2022. The telco had reported a net profit of Rs 3,501 crore in the year-ago period. The revenue from operations increased 21.5 per cent to Rs 21,873 crore in the said quarter from Rs 17,994 crore in the same quarter last fiscal.

The telco's average revenue per user or ARPU during the quarter came at Rs 175.7 per subscriber per month, up 27 per cent growth on Y-o-Y basis and 4.8 per cent growth on Q-o-Q basis.

Commenting on the results, 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. I am also happy with the progress of our Consumer platforms."

On the company's retail business, Ambani added, "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. Customer engagement on our Digital Services platform remains high."

Further, in the telecom sector, he added, "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. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen ecosystem. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians."

Shares of Reliance Industries on Friday closed 0.62 per cent higher at Rs 2502.90 apiece on BSE.

Published on: Jul 22, 2022, 7:39 PM IST
Posted by: Aparna Banerjea, Jul 22, 2022, 7:39 PM IST