Reliance Industries Ltd. (RIL) on Friday reported first-quarter net profit rose 4.2% to ₹13,806 crore, as higher price realisation in the oil to chemicals (O2C) business helped propel a 57% jump in overall revenue.
Revenue surged to ₹1,58,862 crore, from ₹1,00,929 crore a year earlier, aided by a doubling of revenue from the Oil & Gas business due to incremental production from KG D6 block, and increased revenues from the Jio and Retail units, RIL said in a release.
“Our company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic,” CMD Mukesh D. Ambani said in the release. “The results... clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket.”
Jio Platforms Ltd. reported consolidated net profit rose 44.9% to ₹3,651 crore as services revenue increased 9.8% to ₹22,267 crore. The telecom unit’s customer base rose to 440.6 million as on June 30. Total data traffic jumped 38.5% to 20.3 billion GB during the quarter.
“Jio has posted yet another record quarterly performance with industry leading operating metrics,” Mr. Ambani added.
COVID curbs hit retail
Stating that COVID-related restrictions had impacted the Retail unit’s operations and profitability, he said RIL remained focused on ensuring supplies through a combination of online-offline channels.
“I am confident that the retail business is poised to create exponential value and growth,” Mr. Ambani said.
