Reliance Industries profit rises 22% to Rs 16,203 crore in fourth quarter on strong oil-chemicals business

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Reliance Industries, headed by Mukesh Ambani, on Friday reported a net profit of Rs 16,203 crore for the quarter ended March 2022, marking a 22.5% increase from the Rs 13,227 crore in the same period last year. Its operating revenue jumped 37% pa to Rs 2,11,887 crore. The surge in profits was driven by strong growth in the oil-chemicals business, the country’s most valuable company said.

Its segment revenue for oil-chemicals business for the last quarter of the prior fiscal year increased by 44.2% year-on-year (YoY) to Rs 1,45,786 crore ($19.2 billion), mainly due to reason for higher realization. due to the sharp increase in crude oil prices, Reliance Industries said. Brent prices rose 66.5% year-on-year to $101.4/bbl. Product volumes also increased by 4.2%, with a steady recovery in demand.

Segment EBITDA for the 4th quarter of FY22 improved by 24.8% (year-on-year) to Rs 14,241 crore ($1.9 billion), driven by fuel cracks high transportation costs over several quarters, partially offset by lower margins on polymers and intermediates and higher energy costs. Margins on downstream products were impacted by weak naphtha cracker economics and excess supply of intermediate fibers.

“I am pleased to report strong growth in our Digital Services and Retail segments. Our O2C business has proven its resilience and demonstrated a strong recovery despite the volatility in the energy markets. Our relentless focus on customer satisfaction and service has led to increased engagement and increased footfall, driving strong revenue and profits in our consumer businesses. The gradual opening up of economies, coupled with sustained high utilization rates across all sites and improved transportation fuel margins and volumes, supported our O2C earnings,” said Mukesh Ambani, President and Managing Director of Reliance Industries Limited.

Telecommunications arm of Reliance Industries – Reliance Jio Infocomm’s net profit amounted to Rs 4,173 crore, marking a rise of 24.19% from Rs 3,360 crore in the same period of the year. Previous exercice. Its operating income jumped 20% to Rs 20,901 crore in the March quarter from Rs 17,358 crore a year ago.

Jio’s average revenue per user (ARPU), the key measure of revenue a telecom company derives from a user, improved to Rs 167.6 per month per user, up 21.3% year-on-year and 10.5% sequentially.

The retail business of RIL – Reliance Retail Ventures has achieved an annual turnover of almost Rs 2 lakh crore. Its profit rose by 28.7% to Rs 7,055 crore, the company opened 2,566 stores in the 2021-22 financial year, bringing the total number of stores to 15,196 stores.

Reliance Industries has become the first company in the country to cross the $100 billion revenue mark.

For the fiscal year 2021-2022, Reliance Industries’ profit increased by 26.2% to Rs 67,485 crore and its revenue jumped by 47% to Rs 7,92,756 crore.

Shares of Reliance Industries ended down 0.74% at Rs 2,621 per share ahead of its earnings announcement.

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