New Delhi: Billionaire Mukesh Ambani’s Reliance Industries on Friday reported a 43 per cent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis.
Net profit of Rs136.8 billion, or Rs20.88 per share, in July-September compared with Rs95.67 billion, or Rs14.84 a share, in the same period a year back, the company said in a statement.
While better realisation and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-Covid levels and per user earning from telecom business rose.
Revenue was up 49 per cent at Rs1.91 trillion.
Reliance operates four business verticals - the Oil-to-Chemical (or O2C) business includes its oil refineries, petrochemical plants, and fuel retailing business; retail business that houses brick-and-motor stores and e-commerce; Digital Services that cover telecom arm Jio; and New Energy business.
O2C reported the fifth consecutive quarter of sequential growth on demand recovery. EBITDA at Rs 12,720 crore was up 4 per cent quarter-on-quarter and and 43.9 per cent year-on-year.
Jio Platforms - the digital arm - reported a 23.5 per cent higher net profit at Rs 3,728 crore as its per telecom user revenue rose to Rs 143.6 per month from Rs 138.4 in the previous quarter.
Reliance said it is working with Google to launch the low-priced smartphone JioPhone Next, to be available around Diwali.
With the increase in electronics, jewellery, and fashion sales, retail business crossed pre-Covid level. Reliance Retail EBIDTA was up 45.2 per cent at Rs 2,913 crore as it opened 813 new stores during the quarter, taking the total count to 13,635 stores across 37.3 million square feet of retail space.
The fashion and lifestyle business delivered record performance with the highest ever quarterly revenues and over 2x growth YoY; consumer electronics, grocery businesses posted strong double-digit growth.
