RIL posts strong Q2 performance
Shares of Reliance Industries (RIL) eased on Monday even after India’s top value firm reported a 43% jump in quarterly profit as all its businesses witnessed a healthy performance. The oil-to-retail-to-telecom conglomerate’s net profit in the second quarter came at Rs 13,680 crore compared to Rs 9,567 crore a year ago.
Improving hydrocarbon and retail segment has driven Q2 profits whereas Jio has also posted a resilient performance.
RIL has reported a consolidated profit of Rs 15,479 crore for the quarter ended September 2021, registering a massive 46% increase over the year-ago period.
Profit in the year-ago period stood at Rs 10,602 crore and Rs 13,806 crore in June 2021 quarter. The sequential growth in profit was 12.1%.
Consolidated revenue for the quarter came in at Rs 1.74 lakh crore, significantly higher by 49.8%, compared to Rs 1.16 lakh crore reported in the year-ago period.
Jio Platforms profit jumped to to Rs 3,728 crore for the second quarter ended September from Rs 3,019 crore year-on-year (YoY).
The launch of 5G Jio Phone is also expected to accelerate digitization and drive customer shift from 2G. Also, recovering economic activity augurs well for all RIL’s business segments and focus on downstream products is expected to create value, going ahead.
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