RIL net profit jumps 46% in Sept quarter to Rs 15,479 crore

New Delhi: Reliance Industries Ltd’s profit jumped 46% from a year earlier in the fiscal second quarter, on a strong showing in the oil-to-chemicals and retail businesses as the effects of the pandemic ebbed and demand returned.

Consolidated net profit for the July-September period rose to ₹15,479 crore from ₹10,602 crore a year earlier, beating the consensus estimate of ₹12,562 crore by analysts tracked by Bloomberg. Consolidated revenue surged almost 50% year-on-year to ₹1,74,104 crore. Sequentially, consolidated net profit rose 12% from ₹13,806 crore in the April-June quarter.

Jio Platforms, which houses the group’s telecom and digital businesses, reported a net profit of ₹3,728 crore for the quarter, a 23.5% rise from the corresponding quarter last year. Reliance Retail’s net profit rose 74% to ₹1,695 crore.

Ahead of the earnings release on Friday, ‘s shares closed almost unchanged at ₹2,627.05 on the BSE. Its shares have risen nearly a quarter in the past three months.

“All our businesses reflect growth over pre-Covid levels. Our operational and financial performance reflects a sharp recovery in the retail segment and sustained growth in oil-to-chemicals (O2C) and digital services business,” chairman Mukesh Ambani said in a statement.

O2C Biz Revenue Surges 58%

Adjusted for ownership in subsidiaries, net profit for the quarter attributable to shareholders was Rs 13,680 crore, up 43% from Rs 9,567 crore in the corresponding quarter last year.

O2C business revenue surged 58% year-on-year to Rs 120,475 crore, primarily due to an increase in oil prices and higher volumes, the company said. Earnings before interest, tax, depreciation and amortisation for the segment improved 44% year-on-year to Rs 12,720 crore. Strong fuel demand and falling global inventories have sharply expanded margins for transportation fuels. Domestic polymer demand has also grown, rising 14% year-on-year, surpassing the pre-Covid level. Higher volumes from the KG D6 block and US Shale coupled with increased prices drove up oil and gas revenue by 363% to Rs 1,644 crore. Ebitda for the segment increased 34% quarter-on-quarter to Rs 1,071 crore.

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