Mumbai: Reliance Industries Limited (RIL) has reported a quarterly profit after tax of Rs 13,806 crore, which is a jump of 66.7 per cent on a year-on-year basis.
The conglomerate’s net profit stood at Rs 12,273 crore, a fall of 7.25 per cent on-year. In the corresponding quarter of the previous fiscal, net profit stood at Rs 13,233 crore.
According to a statement issued by the RIL on Friday, the company recorded Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) at Rs 27,550 crore, while consolidated Profit Before Tax was Rs 17,270 crore.
The company also recorded EBITDA of Digital Services at Rs 9,268 crore. The release said that company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the Covid pandemic.
Commenting on the results, Mukesh D 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 FY 2022 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 per cent of gas production in India. This will be a major contribution to our country’s energy security,” he added.
Reliance Retail and Reliance Jio this quarter showed healthy topline growth with retail more than doubling net profit and telecom net profit growing by 45 per cent. Mukesh Ambani said 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,” he said.
“I am most excited by the swift start to our new Clean and Green Energy business initiative. We have started investment across all verticals to execute our ambitious plans. We are also resolutely implementing our vision of net carbon zero before 2035, which is our highest priority. We remain committed to disciplined capital allocation with an emphasis on long-term value creation for our shareholders,” he added.
The release said that Earnings Per Share before the exceptional item for the first quarter was Rs 19 per share, an increase of 46 per cent with the corresponding quarter of the previous year.
(with inputs from ANI)