The quarterly results of Reliance Industries Limited were announced late on 23rd July 2021. The megacorp declared consolidated net profits of Rs 12,273 crore, a fall of 7% from the Rs 13,233 crore reported in the first quarter of the last financial year. However, last June saw an exceptional gain of Rs 4,966 crore; This will mean a 48.4% growth in adjusted profit after tax (PAT) over last year’s Rs 8,267 crore.
Revenue from operations for RIL rose 58.2% to Rs 1.44 lakh crore on a year-on-year (y-o-y) basis. The figure stood at Rs 91,238 crore in the same quarter last year.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA), on a consolidated basis, grew 27.6% y-o-y to Rs 27,550 crore. The company attributed this growth to increased revenue earnings from Fashion & Lifestyle and Consumer Electronic verticals. Moreover, better cost management and an enhanced investment income of Rs 551 crore further boosted the growth in the EBITDA.
Jio Platforms reported a 45% y-o-y growth in consolidated net profit at Rs 3,651 crore Q1 FY2022 compared with Rs 2,519 crore in the same period last year.
Before the results were declared, the stock of RIL closed at Rs 2,105, lower by 0.71%.
Each vertical of the oil-to-telecom conglomerate performed impressively in Q1 FY2022. Here’s a look at how the different verticals of the company performed –
Commenting on the results, Mukesh Ambani, chief of RIL said: “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 1Q FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket.”
Despite the COVID situation and the associated restrictions that hampered the operational activity of RIL, the conglomerate delivered profits. Reliance Jio has been on a streak with an increased consumer base and a high-profit margin. RIL is expected to remain the largest company in India by market capitalization. All the verticals of the conglomerate have posted growth figures.