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Reliance Industries Profit Rises 22% To Rs 16,203 Crore In Q4 On Strong Oil-To-Chemicals Business

Revenue for oil-to-chemicals business for the last quarter of previous financial year increased by 44.2 per cent year-on-year (Y-o-Y) to Rs 1,45,786 crore

Reliance Industries Profit Rises 22% To Rs 16,203 Crore In Q4 On Strong Oil-To-Chemicals Business
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Mukesh Ambani-led Reliance Industries on Friday reported net profit of Rs 16,203 crore for quarter ended March 2022, marking an increase of 22.5 per cent from Rs 13,227 crore during the same period last year. Its revenue from operations jumped 37 per cent annually to Rs 2,11,887 crore. Sharp jump in profit came on the back of strong growth in oil to chemicals business, the country's most valuable company said.

Its segment-wise revenue for oil-to-chemicals business for the last quarter of previous financial year increased by 44.2 per cent year-on-year (Y-o-Y) to Rs 1,45,786 crore ($ 19.2 billion) primarily on account of higher realization on the back of sharp increase in crude oil prices, Reliance Industries said. Brent crude prices were up 66.5 per cent Y-O-Y to $ 101.4 /bbl. Product volumes was also higher by 4.2 per cent, with steady recovery in demand.

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Segment EBITDA for 4Q FY22 improved by 24.8 per cent (Y-o-Y) to Rs 14,241 crore ($ 1.9 billion) led by multi-quarter high transportation fuel cracks, partially offset by lower polymer & intermediates margins and higher energy cost. Downstream product margins were impacted by weak naphtha cracking economics and supply over-hang in fibre intermediates.

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

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Reliance Industries telecom arm - Reliance Jio Infocomm's net profit came in at Rs 4,173 crore, marking an upside of 24.19 per cent from Rs 3,360 crore during the same period last financial year. Its revenue from operations jumped 20 per cent to Rs 20,901 crore in March quarter compared with Rs 17,358 crore in the year ago period.

Jio's average revenue per user (ARPU), the key metric of revenue a telecom firm earns from a user, improved to Rs 167.6 per month per user, up 21.3 per cent Y-O-Y and up 10.5 per cent sequentially.

RIL's retail business - Reliance Retail Ventures achieved annual revenue of nearly Rs 2 lakh crore. Its profit advanced 28.7 per cent to Rs 7,055 crore the company opened 2,566 stores during the financial year 2021-22 taking the total number of stores to 15,196 stores.

Reliance Industries became the country's first company to cross $100 billion mark in revenues.

For financial year 2021-22, Reliance Industries profit rose 26.2 per cent to Rs 67,485 crore and its revenue jumped 47 per cent to Rs 7,92,756 crore.

Reliance Industries shares ended 0.74 per cent lower at Rs 2,621 per shares ahead of its earnings announcement.

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