RIL Posts Consolidated Net Profit of Rs 10602 Crore in Q2

World-leading conglomerate with a diverse portfolio of telecom, retail to energy Reliance Industries Limited (RIL) reported a consolidated net profit before exceptional item for the second quarter (July-September) of FY21 at Rs 10,602 crore.

It is higher by 28 per cent from the corresponding quarter in the previous fiscal.

The consolidated revenue for the quarter stood at Rs 128,385 crore, higher by 27.2 per cent quarter-on-quarter (q-o-q).

Reliance Jio Infocomm posted a net profit of Rs 2,844 crore during the second quarter.

"We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustained growth in the Digital Services business," said Mukesh D. Ambani, Chairman and Managing Director, RIL.

"Domestic demand has sharply recovered across our O2C business and is now near the pre-COVID level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in the last six months across Jio and retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity," he added.

Jio Platforms Limited, a wholly-owned subsidiary of Reliance Industries Limited, raised Rs 152,056 crore from leading global investors including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.

"All of these investments, excluding Google, have been completed post fulfilling applicable conditions and the total amount of Rs 118,319 crore has been received by the company," a company statement informed.

Jio Platforms clocked a net profit of Rs 3,020 crore during the quarter, which was a rise of 19.8 per cent.

The total customer base of the company as on September 30, 2020 was at 405.6 million. The average revenue per user of the company during the quarter was Rs 145 per subscriber per month. Total wireless data traffic during the quarter was 1,442 crore GB and total voice traffic during the quarter of 93,223 crore minutes, according to the company statement.

Reliance Retail's consolidated value of sales and services for 2Q FY21 increased by 30 per cent q-o-q to Rs 41,100 crore. The company said it was a strong performance given that the full store network was not operational and with footfalls still significantly lower than pre-COVID levels.

"The operating environment was subdued though lockdown related restrictions on store operations were progressively eased during the quarter. Partially open and fully open stores were up to 85 per cent in 2QFY21. Footfalls, while recovering, are still lower than pre-COVID levels, particularly across fashion and lifestyle and mall stores," the statement added.

In the petrochemicals segment, revenue increased by 17.8 per cent q-o-q with higher prices across the product portfolio and higher volumes.

In the oil and gas segment of the company revenues for 2Q FY21 declined by 29.8 per cent q-o-q to Rs 355 crore primarily due to lower price realisation and decline in production, the statement added.