Reliance Industries Q2 net profit up 46%

Mumbai, Oct 23: Based on robust performances in Retail, Digital, Oil and Chemicals businesses, Reliance Industries Limited recorded Rs. 15479 crore net profit in Q2 FY22 spanning July-September 2021. This is a jump of 46% in comparison to the Q2 net profit of the company in the previous year. Gross revenue of the company increased by 49.2% and stood at Rs. 191532 crores in Q2 FY22. In Digital, Jio Platforms Ltd. witnessed 23.5% jump in Q2 net profit to Rs. 3728 crores, while Reliance Retail posted Rs. 1695 crore net profit, an increase of 74.2% than the previous year. O2C Business posted Q2 net profit of Rs. 9228 crores, a growth of 44.1% than the previous year. Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “As the pandemic retreats, I am pleased that Reliance has posted a strong performance in 2Q FY22. This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies. All our businesses reflect growth over pre-COVID levels. Our operational and financial performance reflects sharp recovery in the retail segment and sustained growth in Oil-to-Chemicals (O2C) and Digital Services business. Our O2C business benefited from sharp recovery in demand across products and higher transportation fuel margins. Reliance Retail continues to grow on the back of rapid expansion of both physical stores and digital offerings resulting in healthy growth in revenues and margin expansion. Jio, Our digital services business continues to transform the broadband market in India and set new benchmarks for the industry. We continue to make steady progress in accelerating our foray into New Energy and New Materials business. Our partnership approach and the desire to bring India to the forefront of global transition to clean and green transition is underscored by our recent investments in some of the best companies in the world in the solar and green energy space.”