Mumbai: Reliance Industries (RIL), the largest registered company in India, reported a 38% increase in quarterly profit on Friday on the back of a one-time increase in the sale of US frying business and strong performance by oil-to-chemicals.
(O2C) and consumer units (Jio & Retail).
Profit grew to Rs 20,539 Crore at Q3FY22.
It made an increase of Rs 2,872 Crore from the divestment of US flakes assets.
Revenues amounted to more than Rs 1.9 lakh Crore, up 54%, because business activities increased behind the easing sidewalk movements related to Covid and strong celebration demand.
Operating profit rose 30% to RS 33,886 Crore in October to December, assisted by better price realization.
Digital Operating Profit (Jio) rose 14% to Rs 10,230 Crore due to higher data usage by customers and strong income from new services.
However, the average income per user (ARPU) – key metrics that affect revenue – remains flat at Rs 151 in Q3FY22.
ARPU is a total income from telecommunications operators divided by the number of users on their network.
Launched in 2016, JIO has 421 million customers (at the end of December, up from 411 million in Q3FY21) and view data and growth of 48% and 18% vote on the network.
This increased a prepaid plan of 20% on December 1, 2021.
Retail business operating profits rose 24% to Rs 3,835 crore because the business environment returned to normal after local authority loosened the sidewalk related to pandemic.
Grocery maintains growth momentum, while consumer electronics, clothing and footwear doubled their business behind strong sales.
The retail segment does not include RIL petro-retail efforts.
This business is located in a joint venture with BP England.
Consumer business (Jio and Retail) accounts for 42% of the company’s operating profit in Q3FY22.
O2C operating profit which was enlarged 39% to RS 13,530 crore due to higher volumes and rising crude oil prices.