New Delhi: Reliance Industries Limited (RIL) on Friday posted a surge in 41.58 percent in consolidated net profit for the third quarter (Q3) which ended December 31, 2021.
The company’s net income came at RS 18,549 Crore compared to the advantages of RS 13.101 Crore posted in the same period last year.
Strong RIL performance has been largely driven mainly by the refining and retail business segment.
It operates four vertical businesses – Oil-to-Chemical (or O2C) businesses include their oil refineries, petrochemical plants, and fuel retail businesses; Retail business that accommodates brick and mortar and e-commerce stores; Digital services that include Telecom Arm Jio; and new energy business.
Three quarters of additional EBITDA come from O2C and the oil and gas business behind higher prices and re-demand by bouncing back the economy.
O2C segment operating profit rose sequentially for the sixth straight quarter, assisted by increased margins and purification prices.
EBITDA at Rs 13,530 Crore rose 6.3 percent quarter-quarters and 38.7 percent year-on-year.
Consolidated income of the nation’s largest company with a market value rose 9.5 percent over the previous three months and 52.2 percent year-to-year to RS 209,823 crore.
In terms of quarter growth in the quarter, RIL profit jumped 35.59 percent of the RS 13,680 Crore posted in the previous quarter ended September 2021.
The company’s revenue from the operation came at Rs 1.91 Lakh Crore in the period which was considered from Rs 1.24 lakh crore a year again.
Reliance’s Retail Business drove a boom in consumer demand, with the appointment of most restrictions Covid-19 towards the end of 2021, while higher refining margins and increased realization of its flagship price of its flagship business.
Reliance recorded a one-time gain of Rs 2,872 Crore from the sale of fragile gas assets.
“Retail business activities have been normalized with strong growth in the main consumption basket in the back of the celebration season and when locking subsides throughout the country,” Ambani said in a statement.
“The recovery of the Global Oil and Energy Market supports a strong fuel margin and helps O2C business (oil-to-chemical) we provide strong income.” RIL’s Telecom Arm Jio Infocomm Post almost 10 percent jumped profit at Rs 3,615 Crore because against Rs 3,291 Crore posted in the same quarter last year.
The Jio customer base grows, assisted by the next Jiophone smartphone budget.
This adds 10.2 million customers at Q3FY22.
The Ebidta segment passed the 10,000 crore rs mark for the first time.
Meanwhile, EBITDA Reliance Retail Retail Ltd.
rose to Rs 3,822 Crore because demand increased throughout the category during the celebration season.
Net income from the retail business rose 23.4 percent to Rs 2,259 Crore.
This growth is supported by retail demand for jewelry, electronics and food.
Also, lower restrictions on mobility and higher operating days during the quarter are other drivers of retail segment sales.
It opened 837 new stores during the quarter, took the total number to 14,412 stores.
Income across the 50,000 rs crore sign for the first time, rising above the pre-pandemic level.
The oil and gas reliance segment was posted close to 500 percent of YoY Spurt in revenue to Rs 2,559 Crore, with the EBITDA segment from Rs 2,033 Crore.
It is behind the production of a newer field in the stabilization of KG-D6 blocks, taking overall production to 18 million standard cubic meters per day.
But the full impact of a recent rate increase will be seen in the fourth quarter (January-March).
Share RIL finished slightly lower at Rs 2,478 on BSE, when it was closed at Rs 2,476.05 on the NSE.
(With input from the agency)
RIL Q3 Net income jumped 41.5% to RS 18,549 Crore
