• Saturday, May 28, 2022
India corona update 
Total Fatalities 506,520
Total Cases 42,478,060
Today's Fatalities 1,217
Today's Cases 67,084
India corona update 
Total Fatalities 506,520
Total Cases 42,478,060
Today's Fatalities 1,217
Today's Cases 67,084

Business

Reliance Industries reports ‘best-ever’ quarter

Reliance Industries chairman Mukesh Ambani (Photo by Chris Jackson/Getty Images)

By: Shubham Ghosh

INDIAN multinational conglomerate Reliance Industries on Friday (21) reported quarterly earnings that beat analyst estimates, aided by higher crude oil prices and a strong recovery across its diversified businesses, AFP reported.

Reliance, which is owned by Mukesh Ambani, one of the richest persons in the world, reported a net profit of rupees 185.5 billion (£1.8 billion) between October and December, which is 42 per cent more than the same period last year.

Revenues from operations increased 54 per cent year-on-year to rupees 1.91 trillion (£19 billion), helped by both its legacy energy business and newer ventures such as retail.

“I am happy to announce that Reliance has posted (its) best-ever quarterly performance in 3Q FY22 with strong contribution from all our businesses,” Reliance chairman and managing director Ambani said in a statement after the results were out.

“The recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings,” he added.

Revenues from the oil, gas and petrochemicals business — which accounts for nearly 70 per cent of Reliance’s total income — jumped 57 per cent year-on-year to rupees 1.31 trillion (£13 billion).

Revenues from Reliance’s retail business also touched an all-time high of rupees 577 billion (£5.7 billion), helped by strong festive sales after India recovered back from a brutal second wave of Covid-19 infections in early 2021.

Reliance Retail has recently undertaken a number of strategic investments, including an acquisition of grocery chain Jaisuryas and a $200-million (£147 million) buy in last-mile delivery start-up Dunzo, AFP added.

Net profit for telecom arm Reliance Jio rose nearly nine percent to rupees 37.95 billion (£376 million) even as its customer base shrunk by 8.4 million subscribers in the quarter.

The company said earlier this week that it has pre-paid spectrum licence dues worth more than $4 billion (£2.9 billion) to the government, even as its competitors Vodafone Idea and Bharti Airtel opted to defer payments.

Reliance’s multi-billion-dollar fortune has been powered by oil and petrochemicals businesses, but the company has diversified into other areas, including telecoms and retail in recent years.

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