Reliance Industries 2Q FY22 profit surges 46% to Rs 154.8bn

Reliance Industries Limited (RIL) has reported a 46% increase in its profit after tax for the quarter ended 30 September 2021 (2Q FY22) to INR 15,479 crores ($2.1 billion), compared to INR 10,602 crores ($1.41 billion) in net profit for the same period in the previous fiscal year.

The earnings per share (EPS) of the Indian conglomerate for the reported quarter was INR 20.9 per share, which is a year-over-year (YoY) increase of 40.7%.

Reliance Industries earned revenue of INR 191,532 crores ($25.8 billion), an increase of 49.2% compared to revenue of INR 128,385 crores ($17.12 billion) in 2Q FY21.

Jio Platforms contributed revenue of INR 23,222 crores ($ 3.1 billion) in 2Q FY22, which is a 15.2% increase YoY. The digital technology arm of Reliance Industries posted a net profit of INR 3,728 crores ($502 million), a YoY growth of 23.5%.

Reliance Retail reported revenue of INR 45,426 crores ($6.1 billion), a 10.5% increase YoY. The retail unit of Reliance Industries had a net profit of INR 1,695 crores ($228 million), which is a 74.2% increase YoY.

Reliance Retail had opened 813 stores during the second quarter and overall has 13,635 physical stores that are operational.

On the other hand, Reliance Industries’ oil to chemicals business reported revenue of INR 120,475 crores ($16.2 billion), a 58.1% growth YoY. The refinery throughput for the reported quarter was at 17.1 MMT, which marks an increase of 11.8% YoY.

Mukesh D. Ambani — Chairman and Managing Director of Reliance Industries, commenting on Reliance Industries 2Q FY22 results, said: “As the pandemic retreats, I am pleased that Reliance has posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies. All our businesses reflect growth over pre-COVID levels.

“Our operational and financial performance reflects sharp recovery in the retail segment and sustained growth in Oil-to-Chemicals (O2C) and Digital Services business.

“Our O2C business benefited from sharp recovery in demand across products and higher transportation fuel margins. Reliance Retail continues to grow on the back of rapid expansion of both physical stores and digital offerings resulting in healthy growth in revenues and margin expansion.

“Jio, Our digital services business continues to transform the broadband market in India and set new benchmarks for the industry.

“We continue to make steady progress in accelerating our foray into New Energy and New Materials business.”