Reliance Industries Q1 consolidated net profit surges 46.3% to ₹17,955 cr

Reliance Industries Limited (RIL) on Friday reported a consolidated net profit of ₹17,955 crore for the first quarter of the current financial year as compared to ₹12,273 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 46.3 per cent.The company’s revenue surged by 54.54 per cent year-on-year to ₹2,23,113 crore during the quarter ended June 30, 2022, as compared to ₹1,44,372 crore recorded in the corresponding period of the previous year.Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, said “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever.””I am also happy with the progress of our Consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers,” Ambani said.Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures. Customer engagement on our Digital Services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions, he said.”Reliance is committed to invest in India’s energy security. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians,” Ambani added.Reliance Retail, a subsidiary of Reliance Industries Limited (RIL), reported consolidated gross revenue of ₹58,554 crore for the quarter ended June 30, 2022, registering year-on-year growth of 51.9 per cent.The company’s net profit during the first quarter of the current financial year surged by 114.2 per cent year-on-year to ₹2,061 crore. Reliance Retail’s EBITDA for the quarter ended June 30, 2022 rose to ₹3,837 crore, registering growth of 97.8 per cent.Reliance Retail continues to maintain its leadership position in Consumer Electronics as it doubled its business over last year led by broad-based growth across categories of air conditioners, mobiles, laptops, and high-end TVs.Jio Platforms Limited posted gross revenue of ₹27,527 crore for the quarter ended 30th June 2022, registering 23.6 per cent year-on-year growth.Net subscriber addition witnessed a strong rebound to 9.7 million driven by continued strength in gross adds (35.2 million in 1Q FY23) and reduced SIM consolidation impact.During 1Q FY23, average data and voice consumption per user per month increased to 20.8 GB and 1,001 minutes, respectively.Jio continued to extend its leadership position in FTTH services with further acceleration in homes connected. As per industry data published by TRAI, Jio has over 80 per cent market share of new customer additions in wireline segment.Reliance Jio reported a standalone net profit of ₹4,335 crore for the first quarter of the current financial year as compared to ₹3,501 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 23.8 per cent.On a quarter-on-quarter basis, the company’s standalone net profit registered a growth of 3.9 per cent. Reliance Jio Infocomm, a subsidiary of Jio Platforms, posted a standalone profit of ₹4,173 crore for the January-March 2022 quarter.The country’s largest telecom operator registered revenues of ₹21,873 crore for the April-June 2022 quarter as compared to ₹17,994 crore recorded in the corresponding quarter of the last year, reporting 21.6 per cent year-on-year growth. (ANI)