Mon, 06 Dec 2021

New Delhi [India], October 22 (ANI): The Reliance Industries Limited (RIL) on Friday reported a 43 per cent year-on-year rise in consolidated net profit to Rs 13, 680 crore for the quarter that ended on September 30.

The company posted a record quarterly consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 30,283 crore which was 30 per cent higher year-on-year (YoY).

The company reported a 46 per cent year-on-year rise in record quarterly consolidated profit after tax to Rs 15,479 core.

The record quarterly EBITDA for digital services was reported at Rs 9,561 crore, which was 14.6 per cent higher than the year-ago period.

The company reported a 7.4 per cent year-on-year rise in record quarterly revenue for digital services to Rs 24,362 crore.

The quarterly revenue for retail was reported at Rs 45,450 crore, which was 10.5 per cent higher than the year-ago period.

The company reported a 44.1 per cent year-on-year rise in quarterly EBITDA for retail to Rs 2,923 crore, according to a RIL release.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said the results demonstrate "the inherent strengths of our businesses" and the robust recovery of the Indian and global economies.

"Ahead of Diwali, my hearty greetings to one and all. Let's celebrate the Festival of Lamps with the hope and confidence that the COVID pandemic will be fully behind us soon, and that all of us in India and the world will move towards a bright future," he 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 a sharp recovery in the retail segment and sustained growth in Oil-to-Chemicals (O2C) and Digital Services business," he added.

Mukesh Ambani said Reliance Retail continues to grow on the back of rapid expansion of both physical stores and digital offerings.

"Our O2C business benefited from the 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," he said.

The RIL chairman said that Jio has set new benchmarks for the industry.

"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. Our partnership approach and the desire to bring India to the forefront of the global transition to clean and green transition is underscored by our recent investments in some of the best companies in the world in the solar and green energy space," he said.

"We welcome our new partners in this exciting journey to cocreate green energy solutions that ensure a sustainable future for our planet and a more equitabledevelopment for the people of India and the world. I am now even more confident of achieving our ambitious target of Net Carbon Zero by 2035," he added.

The RIL chairman also referred to COVID-19 vaccination of employees.

"I am particularly happy that all our employees are being fully vaccinated under our Mission Vaccine Suraksha. We are also expanding our Mission Vaccine Suraksha to communities across the country both through partnerships and our direct implementation," he said.

The release said Reliance Jio continues to hold the top position in 4G coverage and availability with retail revenues above pre-COVID levels.

"Reliance Retail entered into a master franchise agreement with 7-Eleven Inc, a leading convenience store player globally. Reliance New Energy Solar (RNESL) acquired REC Solar Holdings - one of the world's leading solar cells/panels and polysilicon manufacturing company. RNESL is scheduled to acquire 40 per cent stake in Sterling and Wilson Solar - one of the largest EPC (Engineering, Procurement and Construction) and OM (Operations and Maintenance) solution provider globally," it said. (ANI)

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