Reliance Industries Registers Record Profit In Q3 FY22

Mumbai: Reliance Industries Limited (RIL) posted record financial performance for the quarter ending December 31, 2021 with the revenues touching all time high of Rs 209,823 crore.

The company, in a release, stated that it reported its highest ever consolidated net profit of Rs 20,539 crore and EBITDA of Rs 33,886 crore in the third quarter of 2021-22 financial year.

While the O2C and E&P businesses were the biggest contributors to the incremental growth, both Jio and Retail businesses posted robust growth and their best ever quarterly numbers.

Reliance’s O2C business, which traditionally contributed the largest chunk to the company’s overall profits, showed a remarkable recovery with EBITDA growing 38.7% on year-to-year basis to Rs 13,530 crore.

The E&P business also made its mark with EBITDA scaling a new high of Rs 2,033 crore on significant improvement in output and improved pricing. The production during the quarter of FY22 stood at 53.3 billion cubic feet equivalent (BCFe), while the average KGD6 natural gas price was up by 74% from year ago period.

The digital services business under Jio Platforms Limited, registered its best performance with EBITDA at Rs 10,008 crore, up by 18.1% Y-o-Y. It closed the quarter with a subscriber base of 421 million with a gain of over 10 million in the preceding 12-month period.

Reliance Retail’s gross revenue grew by 52.5% to Rs 57,714 crore during the quarter, while the EBITDA went up by 23.8% Y-o-Y to Rs 3,822 crore.

Commenting on the company’s performance, RIL’s chairman and managing director Mukesh D Ambani said, “I am happy to announce that Reliance has posted yet another quarter of stellar performance in 3Q FY22. We have delivered record operational results with strong contribution from all our businesses.”

“Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix. Retail business activity has normalised with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country,” he added.