- Saturday, April 27, 2024
By: Shubham Ghosh
RELIANCE Industries Limited (RIL), India’s largest company by market capitalisation, on Friday (23) reported a June quarter profit at Rs 13,806 crore ($1.8 billion), up by more than 66 per cent year-on-year (YoY), with normalised tax provision.
While the revenue of the conglomerate stood at Rs 1.44 lakh crore ($19.3 billion), RIL said the numbers on sequential basis were affected by weakness in retail, Moneycontrol reported.
The company posted record consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter under review at Rs 27,550 crore ($3.7 billion), up by more than 27 per cent YoY and 3.6 per cent quarter-on-quarter on strong oil-to-chemical and digital services performance. The company said while the EBIDTA of digital services stood at a record Rs 9,268 crore ($1.2 billion), digital services saw net additions of more than 14 million during the quarter.
“I am happy that our company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic. The results of the first quarter of FY22 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket,” said Mukesh Ambani, chairman and managing director, Reliance, said.
“Covid-related restrictions on store operations during the quarter impacted our retail business operations and profitability. This is a temporary phenomenon. We remained focused on ensuring supplies of necessities, including food, grocery, health & hygiene products through a combination of online-offline channels,” he added.
“We stepped up our efforts in creating partnerships with small merchants and digital engagement with consumers. This is creating a newer and inclusive model of growth. I am confident that the retail business is poised to create exponential value and growth,” Ambani, Asia’s richest man, said.
