Reliance Industries’ second-quarter statistics show a 43 percent increase in consolidated net profit to Rs 13,680 crore
Reliance Industries Ltd (RIL), helmed by Mukesh Ambani, today declared a consolidated net profit of Rs 13,680 crore for the quarter ended September 30. (Q2FY22). It is up 43 percent from the $9,567 crore recorded in the same quarter last year (Q2FY21).
In the second quarter, the oil-to-telecom conglomerate’s revenue from operations increased by 49% to 1.74 lakh crore. In the previous fiscal year, the company earned Rs.1.16 lakh crore in revenue.
“I am glad that Reliance has produced a solid performance in 2Q FY22,” Mukesh Ambani, Chairman of Reliance Industries, stated in response to the results. This illustrates our companies’ intrinsic capabilities as well as the Indian and global economies’ solid resurgence. All of our businesses have grown in comparison to pre-Covid levels. Our operational and financial results show a strong rebound in the retail segment, as well as continued expansion in the Oil-to-Chemicals (O2C) and digital services businesses.”
“Our O2C business benefited from a strong recovery in product demand as well as better transportation fuel margins. Reliance Retail continues to thrive as a consequence of rapid expansion of both physical and digital offerings, which has resulted in good revenue and margin growth “According to Ambani.
The Reliance Industries stock finished flat at 2,627.40 on the NSE on Friday, ahead of the results. Since the beginning of the year, the shares of India’s largest firm by market capitalization have increased by 32.11 percent, compared to a 29 percent increase in the Nifty Index.
RIL scrip set a new high of 2,751 earlier this month and is targeting 3,000 in the longer run. The index heavyweight is currently trading above its 20-day, 50-day, 100-day, and 200-day moving averages.