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Reliance Industries Profits Surge 10% in Q2 as Diversified Businesses Thrive
17 Oct
Summary
- Reliance Industries reports 10% YoY growth in Q2 net profit to ₹18,165 crore
- Revenues up 10% to ₹2.59 lakh crore, beating estimates
- Strong performance across Jio, Retail and O2C segments
Reliance Industries Limited (RIL), the conglomerate led by Mukesh Ambani, has reported a strong financial performance for the second quarter of the current fiscal year. The company's consolidated net profit grew by 10% year-on-year to ₹18,165 crore in the July-September period, compared to ₹16,563 crore in the same quarter last year.
RIL's revenue from operations also increased by 10% to ₹2.59 lakh crore, up from ₹2.35 lakh crore in the corresponding quarter of the previous year. The company's gross revenue stood at ₹2.83 lakh crore, a 10% rise on a year-on-year basis.
The robust performance was driven by the strong growth across RIL's diversified business segments, including Jio Platforms, Reliance Retail Ventures Limited (RRVL), and the Oil-to-Chemicals (O2C) division. Jio Platforms' revenue increased by 14.9% year-on-year, while RRVL's revenue grew by 18%. The O2C segment also saw a 3.2% year-on-year increase in revenue.
RIL's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the quarter under review stood at ₹50,367 crore, up 15% year-on-year, with the EBITDA margin expanding by 80 basis points to 17.8%.
Despite the strong quarterly performance, RIL's profit after tax (PAT) missed the Street's estimate of ₹18,643 crore. However, the company's topline beat the market's expectations of ₹2.51 lakh crore.
Looking ahead, RIL remains focused on its diversification strategy and continued investments in its core businesses, including the expansion of its O2C capacity, augmenting the Jio Telecom network and digital services, increasing retail footprint, and building new energy giga factories.
