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Business Economy


Reliance Industries Q2 net profit jumps 43 pc to Rs 13,680 crore

New Delhi, Oct 22 (UNI) Mukesh Ambani-led Reliance Industries Ltd on Friday reported a consolidated net profit of ₹13,680 crore in the quarter ended 30 September, registering a 43% y-o-y jump over the ₹9,567 crore clocked in the corresponding Q2 FY21.
The oil-to-telecom conglomerate's revenue from operations grew to ₹1.74 lakh crore in Q2FY22, a 49% increase over the ₹1.16 lakh crore in the year-ago period. EBITDA for the second quarter of the FY22 stood at Rs 26,020 crore, as compared to Rs 23,368 crore in first quarter of the current fiscal. Reliance Jio posted a net profit of Rs 3,528 crore in July-Sep quarter.
Commenting on the results, Mukesh Ambani, Chairman of Reliance Industries said, "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 and digital services business."
While the O2C business benefited from a sharp recovery in demand across products and higher transportation fuel margins, Reliance Retail’s growth is seen to be growing on the back of rapid expansion of both physical stores and digital offerings resulting in healthy growth in revenues and margin expansion. Reliance New Energy Solar, a wholly owned subsidiary of RIL, invested USD 50 million to acquire 42.3 million shares of preferred stock in Ambri Inc, an energy storage company based in Massachusetts, USA. The investment will help RIL commercialise and grow its long-duration energy storage systems business globally.
The other thrust area is retail with Reliance Retail Ventures entering into a master franchise agreement with 7-Eleven, Inc. through its wholly owned subsidiary, 7-India Convenience Retail, for the launch of convenience stores in India. The first 7-Eleven store opened on October 9 in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighbourhoods and commercial areas, across the Greater Mumbai cluster to start with.
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