Reliance Industries Limited (RIL) reported a flat consolidated net profit of ₹15,512 crore for the second quarter on account of volatility in its Oil to Chemicals (O2C) business.
Revenue grew 32.4% to ₹253,497 crore, with ‘strong traction’ in consumer businesses and higher oil prices.
O2C earnings affected
The company said earnings before interest, tax, depreciation and amortization (EBITDA) in the O2C segment was impacted by weaker downstream chemical margins and introduction of special additional excise duty (SAED), partially offset by firm transportation fuel margins. Was.
Subscriber base increased for Jio
Jio Platforms reported operating revenue (net of GST) of ₹24,275 crore, a growth of 22.7% over a year ago, driven by an increase in average revenue per user (ARPU).
Net profit climbed 26.9% to ₹4,729 crore. Net subscribers stood at 7.7 million, while total additions were 32.7 million. The total subscriber base as of 30 September stood at 427.6 million. Reliance Jio’s average data and voice consumption per user per month increased to 22.2 GB and 969 minutes, respectively.
Reliance Retail posted its best ever revenue and profits, led by broad-based growth in the consumption basket. Gross revenue grew 43% to ₹64,920 crore.
EBITDA reached a record high of Rs 4,404 crore, showing a growth of 51%.
Mukesh D. Ambani, Chairman and Managing Director, RIL said, “We have seen consistent net customer additions and high engagement in the digital services segment.” “Jio has announced beta testing for its industry-leading standalone 5G services and is making rapid progress towards an ambitious and fastest roll-out of True 5G on a pan-India basis,” he added.
The retail business posted a “record performance with strong performance” in customer count, store addition and digital integration, he said.
Mr Ambani said, “The performance of our O2C business reflects low demand and a weak margin environment in downstream chemical products. Transportation fuel margins were better than last year but were significantly lower sequentially. The segment’s performance was also impacted by the introduction of special additional excise duty during the quarter to ensure stable supply and less volatility in the domestic market.
“Our domestic oil and gas business continued to perform strongly by maintaining production at 19 mmscmd levels in the KG D6 block, leading to a significant increase in energy security for the country. We are confident that MJ Fields will be operational by the end of the year.”