reliance-industries-net-profit-down-33-pc-in-q2

Reliance Industries Limited reported its net earnings in the Q2 quarter that failed to meet investor expectations, down 33 per cent to ₹18,165 crore.

The oil-to-telecom conglomerate had reported an exceptional other income of ₹15,119 crore in the previous quarter, which had included ₹8,924 crore from the sale of listed investments, the company said. 

In its Friday listing, Reliance Industries reported other income of ₹4,482 crore. It posted Ebitda of ₹15,008 crore, an increase from ₹14,511 crore in the preceding quarter. The increase is driven by stronger fuel cracks and improved polymer spreads, say investors.

However, throughput rose to 20.8 million tonnes from 19.1 million tonnes, helped by higher domestic fuel placement through Jio-bp collaboration. Diesel and petrol volumes also rose 34 per cent and 32 per cent respectively.

The exploration and production business reported Ebitda of ₹5,002 crore, little changed from ₹4,996 crore in the previous quarter. The revenue stood at ₹6,058 crore.

Gas output from the KG-D6 block averaged 26.1 million standard cubic metres per day, accounting for about 30 per cent of India’s domestic gas supply.

 

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The retail business recorded Ebitda of ₹6,817 crore, compared with ₹6,381 crore in the June quarter. Sales across grocery, fashion and consumer electronics were only lifted by festive demand.

Grocery revenue grew 23 per cent year-on-year, fashion and lifestyle rose 22 per cent, and consumer electronics increased 18 per cent. Reliance added 412 new stores during the period, taking its total store count to 19,821.

Ebitda from digital services, operated under Jio Platforms, increased to ₹18,757 crore from ₹18,312 crore. Meanwhile, Reliance Jio Infocomm added 8.3 million subscribers during the quarter, taking the total base to 506 million, including 234 million 5G users.

Average revenue per user improved to ₹211.4 per month, up from ₹208.8 in the June quarter, supported by higher data use and growth in fixed broadband connections.