New Delhi, January 21
Billionaire Mukesh Ambani-controlled Reliance Industries Limited (RIL) on Friday reported a 41.5% rise in its third-quarter net profit, helped by an uptick in two ‘R’s — refining and retail — a recent tariff hike accelerating growth at Jio Plaforms and a one-off gain from sale of US shale gas business.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit climbed 35.6% sequentially and 41.5% over the year-ago period to Rs 18,549 crore in the quarter ended December 31, 2021, the company said.
Consolidated revenue of the nation’s biggest company by market value rose 9.5% over the previous three months and 52.2% year-on-year to Rs 2,09,823 crore.
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-mortar stores and e-commerce; digital services that cover telecom arm Jio; and new energy business.
Jio Platforms — the digital arm — reported an 8.8% higher net profit at Rs 3,795 crore as its average revenue per user rose to Rs 151.60 per month from Rs 143.6 in the previous quarter and Rs 151 in October-December 2020. — PTI
Reliance Retail’s net up 23%
- Jio Platforms — the digital arm — reported an 8.8% higher net profit at Rs3,795 crore as its average revenue per user rose to Rs151.60 per month from Rs143.6 in the previous quarter and Rs151 in October-December 2020
- Reliance Retail Ventures Ltd’s EBITDA rose to Rs3,822 crore as demand improved across categories during the festive season. Net profit from retail business rose 23.4% to Rs2,259 crore
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