24 Jan 2022 , 01:26 PM
Reliance Industries (RIL) has garnered a 37.9% yoy growth in consolidated net profit of Rs20,539cr for the quarter ending December 2021 (Q3FY22). Gross Revenue for the quarter stood at Rs209,823cr ($ 28.2 billion), higher by 52.2% yoy.
In the quarter, RIL made exceptional item gains of Rs2,872cr on account of divestment of shale gas assets, partially offset by provisions for liabilities about GAPCO amounting to Rs36cr.
EBITDA for the quarter was Rs33,886cr ($ 4.6 billion), higher by 29.9% yoy. Cash Profit (after exceptional items) for the quarter was Rs30,147cr ($ 4.1 billion), higher by 41.2% yoy.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, "Both our consumer businesses, Retail and Digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth."
"Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad-based, sustainable, and profitable growth through improved customer engagement and subscriber mix," Ambani added.
Further, Ambani said that the "recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings. Our Oil & Gas segment delivered strong growth in EBITDA with volume growth and improved realization."
"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 are 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 a sustainable future for our planet," Ambani said.
Reliance Retail recorded Consolidated Gross Revenue of Rs57,714cr for 3Q FY22, a growth of 52.5% Y-o-Y. Gross Revenue from consumption baskets excluding Petro and Connectivity grew by 90% over the previous year to Rs33,714cr for 3Q FY22. Net Profit for the quarter was Rs2,259cr ($ 304 million) higher by 23.4% Y-o-Y.
In Oil To Chemicals (O2C) business, RIL's segment Revenue for 3Q FY22 increased by 56.8% Y-o-Y to Rs131,427cr ($ 17.7 billion) primarily on account of an increase in crude oil prices and higher volumes.
RIL stated that global oil demand in 3Q FY22 grew by 1.1 mb/d from 2Q FY22 to reach 99.0 mb/d, which is 4.8 mb/d higher compared to 3Q FY21 due to robust consumption and increasing international travel as more countries re-opened their borders. Global refinery throughput was at 79.8 mb/d in 3Q FY22, an improvement of 1.8 mb/d Q-o-Q and 4.7 mb/d higher Y-o-Y.
On Sensex, today, at around 1.21 pm, RIL stock was trading at Rs2416.15 per piece down by 2.5%. The stock was near the day's low of Rs2405.05 per piece.
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