Reliance Industries reports 42% increase in net profit to ₹18,549 crore

On Friday, RIL reported 42% jump in consolidated net profit at ₹18,549 crore for the December quarter, boosted by strong performance in its ARPU, oil-chemicals, retail businesses and significant

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Reliance Industries Ltd, the largest Indian company based on market capitalization, on Friday reported a 42% jump in consolidated net profit at ₹18,549 crore for the December quarter, boosted by strong performance in its oil-chemicals and retail businesses. The company recorded a consolidated net profit of ₹13,101 crore in the previous year.

Consolidated revenue from operations soars 54% to ₹1.91 trillion as against ₹ 1.24 trillion a year ago. The net profit for the previous quarter stood at ₹13,680 crore with the company registering consolidated revenues of ₹1.7 trillion.

On Friday, RIL’s shares on BSE closed trading flat at ₹2,478. Reliance Jio Infocomm’s revenue from operations jumped by 5% to ₹19, 347 crore from ₹18,492 crore in the previous year. Jio’s average revenue per use (ARPU), a significant performance metric, improved 8,4% to ₹151.6, partly accelerated by a tariff hike towards the end of the quarter.

The full impact of the tariff hike would likely be reflected in ARPU  and financials over the next few quarters, said Kiran Thomas, Director, Jio Platform, in a conference call.

Reliance’s retail business steered a boom in consumer demand, with the lifting of most COVID-19 restrictions toward the end of 2021, while hiked refining margins and improved price realizations strengthened its mainstay energy business. The retail segment revenue jumped more than 52% to ₹57,717 crore.

Reliance reported a one-off gain of ₹ 2,872 crore from its shale gas assets sales. The conglomerate’s outstanding debt is ₹2.4 trillion as of December 31, 2021. RIL said it estimates production from the MJ field in KG D6 blog in east cost in Q3FY23.