Reliance Industries Q1 results: Profit at Rs 12,272, EBITDA grows 28% to Rs 27,550 crore
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew 27.6 percent year-on-year to Rs 27,550 crore
Representational image. Reuters
Reliance Industries on Friday posted Rs 12,272 consolidated net profit for the quarter ended in June. The net profit dropped 7.3 percent year-on-year, due to the nationwide COVID-19
second wave. compared to Rs Rs 13,233 crore during the same period last year.
Revenue of the oil-to-telecom conglomerate increased to Rs 1.44 lakh crore during the quarter under review. The revenue stood at Rs 1,00, 929 crore in Q1FY21.
Mukesh Ambani-led company’s Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 27.6 percent year-on-year to Rs 27,550 crore.
This was a record quarterly performance, Reliance Industries mentioned. Cash profit before exceptional item for the quarter was Rs 21,828 crore, up by 56.7 percent. EPS before exceptional item for June quarter was Rs 19.0 per share, increased by 46.7 percent.
Commenting on Reliance Industries’ quarterly performance, Mukesh D Ambani, chairman and managing director, Reliance Industries Limited said,
“I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID-19 pandemic. The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket."
Reliance Retail reported a net profit of Rs 962 crore, a 123.2 percent increase during the June quarter. EBITDA stood at Rs 1,941 crore in Q1FY22. The company delivered gross revenues of Rs 38,547 crore, a growth of 21.9 percent year-on-year. Spanned across the country, Reliance Retail has 12,803 physical stores.
“COVID-related restrictions on store operations during the quarter impacted our Retail business operations and profitability. This is a temporary phenomenon. We remained focused on ensuring supplies of necessities, including food, grocery, health & hygiene products through a combination of online-offline channels. We stepped up our efforts in creating partnerships with small merchants and digital engagement with consumers. This is creating a newer and inclusive model of growth. I am confident that the retail business is poised to create exponential value and growth," Reliance Industries chairman added.
Reliance Jio, a subsidiary of Reliance Industries, reported a net profit of Rs 3,651 crore, an increase of 45 percent year-on-year for the Q1FY22. The revenue for the quarter in the review grew to Rs 18,952 crore. The average revenue per user (ARPU) stood to Rs 138.4 in the June quarter.
“Jio has posted yet another record quarterly performance with industry-leading operating metrics. I am thankful to Jio’s family of loyal subscribers whose number has grown further during the quarter, consolidating its position as India’s No. 1 provider of digital connectivity and services," Ambani further added.
“In our O2C business, we generated strong earnings through our integrated portfolio and superior product placement capabilities. Along with our partner bp, we commissioned the satellite cluster in KG D6 and continued to ramp up production, contributing to 20 percent of gas production in India. This will be a major contribution to our country’s energy security," he added.
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