RIL Q2 net remains flat at ₹15,512 crore on volatility in oil-to-chemicals business

Revenue grew 32.4% to ₹253,497 crore with ‘strong traction’ in the consumer businesses and on higher oil prices.

Reliance Industries Ltd. (RIL) reported flat consolidated net profit at ₹15,512 crore for the second quarter on account of volatility in the Oil to Chemicals (O2C) business. Net profit came in at ₹15,479 crore a year earlier.

Revenue grew 32.4% to ₹253,497 crore with ‘strong traction’ in the consumer businesses and on higher oil prices.

The company said the earnings before interest, tax, depreciation and amortisation (EBITDA) in the O2C segment was impacted by weak downstream chemical margins and introduction of special additional excise duty (SAED), partially offset by firm transportation fuel margins.

Jio Platforms reported operating revenue (net of GST) of ₹24,275 crore, a growth of 22.7% compared with a year earlier, driven by an increase in average revenue per user (ARPU).

Net profit climbed 26.9% to ₹4,729 crore. Net subscriber addition was healthy at 7.7 million as gross additions totalled 32.7 million. The total customer base as on September 30 was 427.6 million. Reliance Jio’s average data and voice consumption per user per month increased to 22.2 GB and 969 minutes, respectively.

Reliance Retail posted its best-ever revenue and profits, led by broad-based growth across consumption baskets. Gross revenue increased 43% to ₹64,920 crore.

EBITDA reached a record ₹4,404 crore, reflecting 51% growth.