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Oct 26, 2021 01:00 PM (BST)

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India's Reliance Industries revenue jumps 49% amid footfall recovery

25
Oct '21

Pic: Reliance Industries Limited/ Ajio

Reliance Industries Limited (RIL), India's largest company by market capitalisation, has reported a 49.2 per cent revenue jump to ₹ 191,532 crore in the second quarter (Q2) of FY22 over the same period of last fiscal. The improved operating hours and footfalls with easing of lockdowns and ramp-up of omni-channel offerings has boosted the retail segment revenues during the three-month period.

The Reliance retail segment's revenue increased 10.5 per cent to ₹45,426 crore (Q2 FY21: ₹41,100 crore). The business re-established growth momentum in fashion and lifestyle with sales closing above pre-COVID levels.

“As the pandemic retreats, I am pleased that Reliance has posted a strong performance in Q2 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,” said RIL chairman and managing director Mukesh Ambani.

“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,” Ambani added.

Revenue in the quarter saw remarkable performance from intermediates and polyester segments as well. PTA (purified terephthalic acid) prices increased by 78 per cent year-on-year (YoY) in-line with firm PX (paraxylene) prices. While MEG (monoethylene glycol) prices surged 52 per cent in line with higher feedstock prices and margins improved by 27 per cent YoY to $238/MT with firm polyester demand, according to the company.

Moreover, the domestic markets revived with the rise in manufacturing activities across the country. Domestic polyester demand surged 39 per cent YoY driven by firm retail demand and increased downstream operating rates.

For the second quarter that ended on September 30, 2021, EBITDA grew 30.0 per cent to ₹30.283 crore (₹23,299 crore). Profit for the period accelerated to ₹15,479 crore (₹10,602 crore).

“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 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. 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 equitable development 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,” Ambani concluded in the release.

Fibre2Fashion News Desk (JL)

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