Reliance Industries 3Q FY22 profit grows 38% to Rs 206bn

Reliance Industries Limited (RIL) has reported a 37.9% increase in its net profit for the quarter ended 31 December 2021 (3Q FY22) to INR 20,539 crores, compared to INR 14,894 crores in net profit for the same period in the previous fiscal year.

In the previous quarter, that is 2Q FY22, the Mukesh Ambani-led group had a net profit of INR 15,479 crores.

The earnings per share (EPS) of the Indian conglomerate for the reported quarter was INR 28.1 per share, which is a year-over-year (YoY) increase of 38.1%.

The Indian conglomerate earned revenue of INR 209,823 crores, an increase of 52.2% compared to revenue of INR 137,829 crores in 3Q FY21.

Jio Platforms contributed revenue of INR 24,176 crores in 3Q FY22, which is a 13.8% increase YoY. The digital technology arm of Reliance Industries posted a net profit of INR 3,795 crores, a YoY growth of 8.9%.

Reliance Retail reported revenue of INR 57,714 crores, a 52.5% increase YoY. The retail unit of Reliance Industries had a net profit of INR 2,259 crores, which is a 23.4% increase YoY.

With 837 stores opened during the reported quarter, Reliance Retail has taken its count to 14,412 physical stores.

Reliance Industries’ oil to chemicals business reported revenue of INR 131,427 crores, a 56.8% growth YoY. The refinery throughput for the reported quarter was at 19.7 MMT, compared to 18.2 MMT in 3Q FY22.

Mukesh D. Ambani — Chairman and Managing Director of Reliance Industries, commenting on Reliance Industries 3Q FY22 results, said: “I am happy to announce that Reliance has posted best-ever quarterly performance in 3Q FY22 with strong contribution from all our businesses. Both our consumer businesses, Retail and Digital services have recorded highest ever revenues and EBITDA.

“During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth.

“Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix.

“The recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings. Our Oil & Gas segment delivered strong growth in EBITDA with volume growth and improved realization.”

Recently, Reliance Industries signed a memorandum of understanding with the Gujarat government to invest INR 5.955 lakh crores in green energy and other projects in the state.