RIL Q1 net profit rises 46% to Rs 17,955 crore; revenue jumps 57%

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated web revenue (attributable to the corporate’s homeowners) of Rs 17,955 crore for the quarter ended June 30, 2022 (Q1), up 46.3 per cent over the year-ago interval, however fell effectively wanting expectations.

A ballot of analysts by Bloomberg had estimated web revenue at Rs 21,615 crore in Q1.

The oil-to-telecom conglomerate’s product sales for the quarter got here in at Rs 2.43 trillion, up 53 per cent over the year-ago interval. Excluding items and companies tax and excise obligation, web gross sales surged 56.7 per cent year-on-year (YoY) to Rs 2.19 trillion for the reported quarter, nearly according to the estimates of Rs 2.25 trillion.

Whereas consolidated revenues and Ebitda (earnings earlier than curiosity, tax, depreciation and amortisation) have been RIL’s highest ever on a quarterly foundation, web revenue is the very best after the December 2021 quarter.

The Q1 high line mirrored within the firm’s general working present too. Consolidated PBIDT (revenue earlier than curiosity, depreciation and tax) jumped 45.9 per cent YoY to Rs 40,244 crore in Q1, beating the estimate of Rs 38,474 crore.

Mukesh Ambani, chairman and managing director, RIL, in an announcement, mentioned: “Geopolitical battle has brought on vital dislocation in power markets and disrupted conventional commerce flows. This together with resurgent demand has resulted in tighter gasoline markets and improved product margins. Regardless of vital challenges posed by the tight crude markets and better power and freight prices, O2C (oil to chemical substances) enterprise has delivered its finest efficiency ever. I’m additionally pleased with the progress of our Shopper platforms (Retail and Digital).”

On Friday, forward of the outcomes, the RIL scrip closed 0.62 per cent up on the BSE at Rs 2,502.90. 12 months-to-date, the index heavyweight is up 4 per cent, and 19 per cent within the final one 12 months. At 9 pm India time on Friday, RIL’s GDR (representing two fairness shares) was down marginally by 0.24 per cent at $61.95 on the London Inventory Change.

In the meantime, different revenue fell sharply by 46.7 per cent to Rs 2,247 crore from Rs 4,219 crore a 12 months in the past. Tax for the quarter elevated by 125 per cent to Rs 7,793 crore from Rs 3,464 crore a 12 months in the past. These presumably clarify the corporate’s revenue lacking Road estimates at web stage.

Reliance’s O2C enterprise had its best-ever quarterly efficiency with an all-time excessive income and earnings earlier than curiosity, tax, depreciation and amortisation. O2C income elevated by 56.7 per cent YoY to Rs 1.61 trillion totally on account of upper crude oil and product costs.

The O2C Ebitda improved by 62.6 per cent YoY to Rs 19,888 crore on account of a pointy rise in transportation gasoline cracks and higher volumes, the corporate mentioned in an earnings name.

Jio Platforms’ Ebitda for the quarter was Rs 11,424 crore, a rise of 28.5 per cent over the corresponding interval final 12 months, whereas web revenue grew 24.1 per cent to Rs 4,530 crore.

Jio’s web subscriber addition witnessed a robust rebound to 9.7 million, pushed by continued energy in gross additions at 35.2 million. The client base as on June 30 stood at 419.9 million.

Reliance Retail’s web revenue for Q1 was up 114.2 per cent YoY to Rs 2,061 crore, whereas its Ebitda elevated 97.7 per cent to Rs 3,837 crore in the identical interval. The nation’s largest retailer’s money revenue for the quarter rose 105.2 per cent to Rs 2,873 crore.

Reliance Retail mentioned it delivered its best-ever quarterly gross income at Rs 58,554 crore, up 51.9 per cent YoY as its enterprise witnessed no working disruptions for the reason that onset of Covid.

“Shopper spending acquired a lift as households indulged in leisure actions, socializing, festivities and purchasing as Covid scenario improved although sentiments remained cautious attributable to inflationary considerations,” the corporate mentioned.

It added that footfalls have been recorded at 175 million for the quarter, 19 per cent above pre-Covid ranges, as shoppers returned to shops. The elevated footfalls and digital visits have translated into 220 million transactions within the quarter, a progress price of greater than 60 per cent over pre-Covid ranges.

RIL’s consolidated gross debt stood at Rs 2.63 trillion on the finish of Q1, and the corporate spent Rs 31,442 crore as capital expenditure through the quarter. Web debt elevated to Rs 57,655 crore on the finish of June 2022 in comparison with round Rs 30,000 crore on the finish of March 2022.

On the brand new power companies, Ambani mentioned: “Our New Vitality enterprise is forging partnerships with know-how leaders in photo voltaic, power storage options and the hydrogen eco-system. These partnerships will assist us realise the imaginative and prescient of fresh, inexperienced and reasonably priced power options for all Indians.”