Reliance Industries' Net Profit Increases 43 Per Cent At Rs 13,680 Crore In Q2

Mukesh Ambani-owned Reliance Industries reported a 43 per increase in its net profit helped by all business verticals - from oil to retail- performing well in the second quarter. The company registered a net profit of Rs 13,680 crore or Rs 20.88 per share in the September-end quarter compared to Rs 9,567 crore or Rs 14.84 crore per share in the corresponding period,  last year. 

The company's gross revenue rose 49 per cent at Rs 1.91 lakh crore.

Rise in crude oil prices and better realisation helped the old-economy business whereas the retail segment benefitted from footfalls as stores reopened and recorded more footfalls. Telecom vertical Jio too recorded greater revenue. 

Jio reported a 23.5 per cent growth in net profit at Rs 3,728 crore as per telecom user revenue grew Rs 143.6 per month in Q2. It was Rs 138.4/month in the previous quarter. Reliance said it is working with Google to launch the low-priced smartphone JioPhone Next, to be available around Diwali.

The fashion and lifestyle business delivered record performance with the highest ever quarterly revenues and over two times growth on a year-over-year basis; consumer electronics, grocery businesses posted strong double-digit growth.

Reliance's oil and gas segment posted a 363 per cent YoY spurt in revenues to Rs 1,644 crore with segment EBITDA of Rs 1,071 crore. This is on the back of the start of production from satellite cluster fields in the KG-D6 block, taking the overall production to 18 million standard cubic metres per day.

Commenting on the results, Chairman and Managing Director of Reliance Industries Limited, Mukesh Ambani said, "As the pandemic retreats, I am pleased that Reliance has posted a strong performance in Q2 FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies."

(With inputs from PTI)