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Reliance profit surges 30% to nearly Rs 20k crore in September quarter – Times of India

MUMBAI: Reliance Industries reported a 30% rise in its consolidated net profit of Rs 19,878 crore in the September quarter as compared to Rs 15,332 crore in the year-ago quarter. The energy-to-retail major’s results got a boost from a sharp uptick in oil & gas revenues and strong growth in retail and digital services.
RIL’s consolidated revenue in Q2 stood at nearly Rs 2.6 lakh crore, up 1.2% from Rs 2.5 lakh crore in the previous year.The numbers reported by India’s most valued company on Friday were in line with expectations, market players said.
“Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth,” Mukesh Ambani, chairman & MD, RIL said in a statement.
At Rs 77,148 crore, Reliance Retail‘s gross revenue in Q2 rose nearly 19% as grocery and fashion & lifestyle businesses maintained strong growth momentum. Its net profit for the quarter stood at Rs 2,790 crore, up 21%.
Reliance Retail expanded its reach with 471 new store openings, taking the total count at the end of the quarter to 18,650 stores, the company said.
Jio Platforms, the group’s digital arm, reported a record high gross revenue of Rs 31,537 crore in the quarter, up nearly 11%. Its net profit for the quarter rose by 12% to Rs 5,297 crore. Jio added about 1.1 crore subscribers in Q2, with the total customer base as on September 30 at nearly 46 crore, the company said.
Revenue from the oil-to-chemicals segment fell 7.3% in the quarter to nearly Rs 1.5 lakh crore “primarily on account of a sharp 14% reduction in crude oil prices, resulting in lower price realisation for products”, RIL said.
In Friday’s strong market, RIL’s stock rallied 1.8% to close at Rs 2,265. It was also the biggest contributor to the sensex’s 635-point gain during the day, BSE data showed.
Reliance Retail recorded footfalls of over 260 million across formats, a growth of 40.5% over the previous year.
The company said its outstanding debt declined to Rs 2.95 lakh crore from Rs 3.18 lakh crore at June end. The capital expenditure for the quarter was Rs 38,815 crore, with continuing accelerated investments in the pan-India 5G rollout.

Ambani’s three children get approval of shareholders for RIL board position
NEW DELHI: Mukesh Ambani’s three children won the approval of shareholders for being part of the board of RIL, setting in motion a succession plan at India’s most valuable company.
While twins Akash and Isha, 32, got more than 98% of the votes for a board seat, Anant, 28, whose appointment had been opposed by proxy advisory firms because of his young age, managed to get 92.7% votes, according to an exchange filing.
Institutional Shareholder Services, an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son Anant on the board of family-controlled Reliance.
The proxy advisory firm had pitched for a vote against Anant because of his little experience. Like ISS, Mumbai-based Institutional Investor Advisory Services, or IIAS, too, stated that “at 28 years of age”, appointment of the young Ambani scion “does not align with our voting guidelines”.
The appointments are a part of the succession planning by Ambani, who was appointed to the board at the age of 20.

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