Net profit of Rs 13,680 Crore beats street estimates, revenues from oil to chemicals at Rs 1.2 Lakh Crore
Reliance Industries Ltd (RIL) on Friday announced net profit of Rs 13,680 crore for the quarter ended in September, up 11.5% sequentially.
Quarterly revenues amounted to Rs 1.67 lakh crore for the conglomerate during the July-September period, compared to Rs 1.4 lakh crore in the previous quarter.
Analysts in a CNBC-TV18 poll had predicted that Reliance Industries would publish a solid set of financial results, with estimated net profit of Rs 12,946 crore on revenues of Rs 1.58 lakh crore.
Reliance Industries profit before interest, taxes, depreciation and amortization (EBITDA) amounted to Rs 26,020 crore in the three months to September 30, compared to Rs 23,368 crore in the previous quarter. Its EBITDA margin was 15.5%, compared to 16.7% for the quarter ended June 30.
Analysts were expecting the company’s EBITDA of Rs 24,970 crore and an EBITDA margin of 15.7%.
“As the pandemic recedes, I am happy Reliance posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our business and the robust recovery of the Indian and global economies. All of our activities reflect growth from pre-COVID levels. Our operational and financial performance reflects a strong recovery in the retail segment and sustained growth in the Oil-to-Chemicals (O2C) and Digital Services businesses, ”said Mukesh Ambani, President and CEO of Reliance Industries.
“We continue to make steady progress to accelerate our foray into new energies and new materials. Our partnership approach and desire to place India at the forefront of the global transition to a clean and green transition is underscored by our recent investments in some of the best solar companies in the world. and green, ”he added.
Oil and Chemicals (OTC) business revenue increased 16.7% sequentially to Rs 1.20 lakh crore during the July-September period.
The profit before interest and taxes (EBIT) of the OTC unit was Rs 10,747 crore in the second quarter, compared to Rs 10,394 crore in the previous quarter. The EBIT margin in the vertical was 8.9% for the three months ended September 30, compared to 10.1% in the June quarter.
Oil and gas revenues increased 28.3% sequentially to Rs 1,644 crore.
The digital arm of the conglomerate, Reliance Jio Infocomm, announced a 2.1% increase in quarterly net profit to Rs 3,728 crore. Revenue increased 4.3% to Rs 23,222 crore.
First publication: STI