Reliance Industries posts better q3 results, shares soar

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Reliance Industries posts better q3 results, shares soar

Reliance Industries posted better than expected financial results for the third quarter ended December 31. A significant contribution from business verticals, including retail segment, oil-to- chemicals and digital services businesses, supported the financials.

Shares of the company closed near a new high of Rs 2,478 earlier in the day. The benchmark Sensex settled down 427.44 points or 0.72 per cent at 59,037, down 427.44 points or 0.72 per cent.

The energy-to-telecommunications behemoth reported 41.58 per cent year-on-year YoY growth in the company's consolidated net profit at Rs 18,549 crore. In the same period last year, the company had posted a profit of 13101 crore.

Revenue from operations went up 52 per cent YoY to 1.91 lakh crore.

Reliance Industries posted the best-ever quarterly performance in Q 3 FY 22 with strong contributions from all our businesses, according to a comment from CMD: Mukesh Ambani, chairman and managing director. The highest ever revenues and EBITDA have been recorded by consumer businesses, retail and digital services. We continued to focus on strategic investments and partnerships in our businesses throughout the quarter to drive future growth. Retail business activity has normalised due to the strong growth in key consumption baskets on the back of the festive season and as lockdowns are lessened across the country. The recovery in global oil and energy markets supported strong fuel margins and helped our O 2 C business deliver robust earnings, he said.

In the quarter under review, Jio Platforms' gross revenue increased by 13.80 per cent YoY to Rs 24,176 crore. Net profit for the quarter was 3,795 crore, up 8.9 per cent YoY.

Reliance Retail delivered a landmark quarter with high revenue and EBITDA as the operating environment returned to normalcy. Reliance Retail recorded 52.50 per cent of the YoY growth in gross revenue at Rs 57,714 crore.

Oil 2 Chemicals O 2 C segment revenue for Q 3 FY 22 went up by 56.8 per cent YoY to Rs 131,427 crore as a result of an increase in crude oil prices and higher volumes. EBITDA increased by 38.7 per cent YoY to Rs 13,530 crore on the back of better transportation fuel cracks and a higher polyester chain delta. The EBITDA margin for the quarter declined by 130 basis points YoY to 10.3 per cent. The base effect was primarily due to higher feedstock and product prices, RIL said in a release.

Oil and Gas Exploration Production Segment revenues for Q 3 FY 22 increased by 494 per cent YoY to Rs 2,559 crore. The EBITDA of the segment increased sharply to Rs 2,033 crore, with an EBITDA margin of 79.4 per cent. The ramp-up of gas production from KG D 6 and improved price realisation were the main reasons for this.

Media business: Revenue from operations net of GST rose 16.5 per cent YoY to Rs 1,657 crore in Q 3 of FY 22. EBITDA grew by 15.1 per cent YoY to 373 crore.

Cash and cash equivalents were at Rs 2,41, 846 crore on the other hand.

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