Mumbai: Reliance Industries (RIL), India’s largest company in terms of market value, reported a 46% increase in quarterly profit on Friday, assisted by the realization of higher prices in oil-to-chemical (O2C) and retail business.
Profit grew to Rs 15,479 Crore at Q2FY22.
Revenues reached more than Rs 1.7 lakh crore, up 50%, because the market was revived after the second wave of pandemic in Q1FY22.
Operating profit rose 30% to Rs 30,283 Crore in July to September, assisted by strong income in three main businesses.
“The results showed the inherent strength of our business and a strong recovery from the Indian and Global Economy.
All of our businesses reflect the growth of pre-covid levels,” said Chairman and MD Mukesh Ambani.
O2C operating profit increased 44% to Rs 12,720 crore due to higher volume and price realization.
Digital service operating profit rose 15% to Rs 9,561 Crore due to higher data usage by customers.
However, the average income per user (ARPU) – key metrics that affect income – slightly down to Rs 144 in Q2FY22.
ARPU is a total income from telecommunications operators divided by the number of users on their network.
Launched in 2016, JIO has 430 million customers (at the end of September, down from the previous quarter of 441 million) and view data and growth of sound traffic 51% and 18%, on the network.
ARPU in the Teago period is Rs 145.
Retail business profit rose 44% to Rs 2,923 crore because trucks related to pandemic relieved that operating conditions and vaccines helped in lifting sales.
RIL said seeing strong growth in all consumption baskets led by strong revival in consumer sentiment amid celebrations.