RIL’s telecom arm Reliance Jio Infocomm posted a profit of Rs 3,501 crore as against Rs 2,520 crore last year.
Corona did not show any effect on Reliance Industries
Reliance Industries has released the results for the June quarter. There has been a decline in the profit of the company in this quarter. The company’s net profit stood at Rs 12,273 crore in the June quarter. Apart from the retail segment, there was no significant impact of Corona on other business of the group.
In the corresponding quarter of the last financial year, net profit was Rs 13,233 crore, a decline of 7.25 percent. Oil to Telecom Group’s revenue grew 58.2 per cent to Rs 1.44 lakh crore as against Rs 91,238 crore in the year-ago period. The company’s earnings before interest, tax, depreciation and amortization (EBITDA) increased to Rs 27,550 crore from Rs 21,585 in the year-ago period.
Mukesh Ambani, Chairman, RIL said, “I am delighted that our company has delivered strong growth despite facing a highly challenging operating environment due to the second wave of the COVID pandemic. The first quarter results of FY2022 clearly demonstrate the flexibility of Reliance’s portfolio of diversified businesses that cater to a large portion of the consumption basket. He also said that COVID-related restrictions on store operations affected RIL’s retail business operations and profitability during the quarter.
RIL share price fell 0.74 per cent to Rs 2,105.20 on Friday ahead of Q1 results. However, the stock has gained around 12 per cent in three months and 3.7 per cent in six months. On a year-on-year (YTD) basis, it is up 7 per cent, while down one per cent from its 52-week high.
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