Reliance Industries Ltd. (RIL) on Friday reported third-quarter consolidated net profit rose 12.5% to ₹13,101 crore, from ₹11,640 crore in the year-earlier period, helped by a 22% decline in costs.
Revenue from operations, however, declined 21% to 1.24 lakh crore in three-month period ended December, from 1.57 lakh crore in the comparable quarter of the last financial year.
A reduction in expenses helped buoy profits, as costs shrank to 1.13 lakh crore in the quarter, from 1.45 lakh crore a year earlier.
“We have delivered strong operational results during the quarter with a robust revival in O2C [oil-to-chemicals] and retail segments, and a steady growth in our digital services business,” chairman and managing director Mukesh D. Ambani said in a statement to the stock exchanges. “I am proud that Reliance has employed 50,000 more people since March 2020,” Mr. Ambani added.
Both revenue and EBITDA at the oil-to-chemicals business improved quarter-on-quarter by 10%, while EBITDA at the retail segment surged 54% from the preceding quarter.
Reliance Retail posted net profit of ₹1,830 crore on revenue of ₹37,845 crore.
New materials business
Mr. Ambani said strong global action on climate change gives Reliance the right opportunity to accelerate its own ambitious new energy and new materials business, wedded to the vision of clean and green development.
“In line with this vision, our O2C business has formally reorganised its reporting segments to reflect our new strategy and management matrix for this enterprise. The reorganised structure will facilitate holistic and agile decision making and enable us to pursue attractive new opportunities for growth, with strategic partnerships with the best and the biggest in this business globally,” he added.
He said the O2C platform would increasingly move further downstream and become closer to customers. “It will create planet friendly and affordable energy and materials solutions to meet the growing needs of every sector of the Indian economy.”
Jio Platforms reported consolidated net profit of ₹3,489 crore on revenue of ₹19,475 crore. The ARPU rose to ₹151, from ₹145 in the preceding quarter. Total data traffic rose 4% sequentially to 1,586 crore GB.
