Reliance Industries Q3 profit surges 38 per cent to Rs 20,539 crore

ANI
22 Jan 2022, 02:27 GMT+10

Mumbai [India], January 21 (ANI): Reliance Industries Limited (RIL), India's largest company based on market capitalisation, on Friday said its consolidated net profit surged by 37.9 per cent to Rs 20,539 crore ($2.8 billion) for the third quarter of the current financial year.

The company's gross revenue for the quarter ended December 31, 2021 soared 52.2 per cent to Rs 209,823 crore ($28.2 billion).

"I am happy to announce that Reliance has posted yet another quarter of stellar performance in 3Q FY22. We have delivered record operational results with strong contribution from all our businesses," said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, when commenting on the Q3 FY22 results.

Reliance Industries reported a record consolidated EBITDA at Rs 33,886 crore ($4.6 billion) for the October-December 2021 quarter, up 29.9 per cent year-on-year.

The company's earnings per share (EPS) for the third quarter of the current financial year rose by 38.1 per cent to Rs 28.1.

The company posted a record quarterly revenue from digital services at Rs 25,200 crore, up 6.4 per cent Y-o-Y. EBITDA for Digital Services crossed Rs 10,000 crore mark for the first time.

Reliance Retail delivered a landmark quarter with all time high revenue and EBITDA.

The Company's outstanding debt as on December 31, 2021 was Rs 244,708 crore ($32.9 billion). Cash and cash equivalents as on December 31, 2021 were at Rs 241,846 crore ($32.5 billion).

Reliance's capital expenditure (including exchange rate difference) for the quarter ended December 31, 2021 was Rs 27,582 crore ($ 3.7 billion)"Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix," Ambani said.

Jio Platforms consolidated gross revenue for the quarter stood at Rs 24,176 crore ($3.3 billion), higher by 13.8 per cent Y-o-Y (adjusted for IUC).

Jio Platforms consolidated EBITDA for the quarter was Rs 10,008 crore ($ 1.3 billion), higher by 18.1 per cent Y-o-YReliance Retail recorded Consolidated Gross Revenue of Rs 57,714 crore for the third quarter of the current financial year, a growth of 52.5 per cent YoY. All time high revenues recorded across all consumption baskets driven by highest ever store sales and sustained growth momentum in digitalnew commerce, Reliance Industries Limited said in a statement.

"Retail business activity has normalised with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country," said Ambani.

Reliance Retail posted a record EBITDA of Rs 3,822 crore, up 23.8 per cent YoY; EBITDA margins stood at 7.0 per cent.

Reliance Retail's Net Profit for the quarter was Rs 2,259 crore ($304 million), higher by 23.4 per cent Y-o-YDigital and New Commerce continued to flourish with merchant partnerships and Digital commerce orders scaling new highs. Merchant partners grew 4x YoY while digital commerce orders grew 2x YoY.

Elaborating on the company's plan for green energy, Ambani said, "We are making steady progress towards achieving our vision of Net Carbon Zero by 2035. Our recent partnerships and investments in technology leaders in the solar and green energy space is illustrative of our commitment to partner India and the World in the transition to clean and green energy. We continue to pursue growth initiatives and collaborate with global leaders who share our vision of co-developing a more sustainable future for our planet." (ANI)

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