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Business News/ Companies / Company Results/  RIL Q1 results: Net profit falls 7% YoY to 12,273 cr

RIL Q1 results: Net profit falls 7% YoY to ₹12,273 cr

RIL's revenue from operations has come in at ₹1.44 lakh crore from ₹91,238 crore in the year-ago period
  • Value of sales and services for the quarter was ₹158,862 crore, higher by 57.4%
  • Reliance Industries chairman Mukesh Ambani (Mint)Premium
    Reliance Industries chairman Mukesh Ambani (Mint)

    Mukesh Ambani-owned oil-to-telecom conglomerate Reliance Industries Limited (RIL) on Friday posted a consolidated net profit of 12,273 crore, down 7.2%, year-on-year (YoY) in the quarter ended 30 June, 2021. The company had posted a net profit of 13,233 crore, including exceptional gains, for the year-ago period.

    RIL's revenue from operations has come in at 1.44 lakh crore from 91,238 crore in the year-ago period.

    Further, RIL's consolidated earnings before interest, tax, depreciation and amortization for the June quarter came at 27,550 crore, a record quarterly performance, the company said in a statement.

    Value of sales and services for the quarter was 158,862 crore, higher by 57.4%.

    While oil-to-chemical (O2C) business rebounded, retail business took a hit from the second wave of the pandemic.

    Half of the firm's pre-tax earnings (EBITDA) came from traditional oil refining and petrochemicals and gas businesses. Consumer-facing businesses contributed 44 per cent.

    Operating profit for the firm's cash-cow oil-to-chemicals (O2C) business rose on better refining and petrochemical margins. Segment EBITDA jumped 50 per cent to 12,231 crore.

    Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic. The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket."

    "In our O2C business, we generated strong earnings through our integrated portfolio and superior product placement capabilities. Along with our partner bp, we commissioned the satellite cluster in KG D6 and continued to ramp up production, contributing to 20% of gas production in India. This will be a major contribution to our country’s energy security," he further added.

    RIL's telecom subsidiary Jio reported net profit of 3,651 crore for Q1FY22, rising 45% as against 2,519 crore in the same quarter last fiscal.

    The average revenue per user (ARPU) during the quarter under review stood at 138.4 per subscriber per month.

    "Jio has posted yet another record quarterly performance with industry-leading operating metrics. I am thankful to Jio’s family of loyal subscribers whose number has grown further during the quarter, consolidating its position as India’s No. 1 provider of digital connectivity and services," said Ambani.

    Reliance Retail delivered gross revenues of 38,547 crore, a growth of 21.9% year-on-year. Revenue after adjusting for the Petro retailing business that was transferred outgrew at 32% year on year.

    "COVID-related restrictions on store operations during the quarter impacted our Retail business operations and profitability. This is a temporary phenomenon. We remained focused on ensuring supplies of necessities, including food, grocery, health and hygiene products through a combination of online-offline channels. We stepped up our efforts in creating partnerships with small merchants and digital engagement with consumers. This is creating a newer and inclusive model of growth. I am confident that the retail business is poised to create exponential value and growth," the RIL chairman further added.

    Shares of RIL on BSE closed 0.79% lower in anticipation of Q1FY22 results at 2,104 apiece

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    Published: 23 Jul 2021, 07:46 PM IST
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