Country’s largest company by market cap Reliance Industries has declared its second quarter results. The company’s profit for the quarter ended 30 September 2021 stood at Rs 13,680 crore. Whereas in the previous ie June quarter, the company’s profit was Rs 12,273 crore. Explain that the company’s profit in the second quarter was estimated at Rs 12,480 crore.
The company’s consolidated income for the quarter ended 30 September 2021 stood at Rs 1.67 lakh crore. Significantly, in the first quarter of this financial year, the consolidated income of the company stood at Rs 1.40 lakh crore. Whereas in CNBC TV18’s estimate poll, it was estimated to be Rs 1.58 lakh crore.
Jio Platforms Q2 results: Reliance Jio net profit up 23.5% to Rs 3528 crore, earning Rs 18735 crore
On a percentage basis, the company’s profit has grown by 46 percent on an annual basis. On the quarterly basis, it has seen a growth of 12.1 percent. It is worth noting that in the same quarter last year, the company’s profit stood at Rs 10,602 crore. Whereas on a quarterly basis, the company’s profit stood at Rs 13,806 crore in the June quarter of the same financial year.
On the other hand, if we look at the earnings of the company, then on a percentage basis, it has seen an increase of 49.8 percent on a yearly basis. On the quarterly basis, there was a growth of 20.6 percent. The company’s consolidated EBITDA in the second quarter stood at Rs 26,020 crore, up from Rs 23,368 crore in the previous quarter. While the consolidated EBITDA margin stood at 15.5 per cent.
The company’s chairman and managing director Mukesh Ambani said on this occasion that the company’s performance in the second quarter of FY 2022 has been very strong.
The company has benefited strongly from its inherent strength as well as recovery in the Indian and global economies. All our business verticals have seen growth above pre-Covid levels. He further added that the company’s operational and financial performance reflects the strong growth in the company’s retail oil & chemical and digital business.
He further added that the company’s O2C business has benefited from strong demand for all products and higher transportation fuel margins. Reliance Retail’s business has seen the impact of the growth of both digital and physical platforms. Due to this, both the earnings and margins of the company’s retail business have seen an increase.
Ambani further said that Reliance Jio remains the driving force behind the transformation of India’s broad band market. Going forward, it will set new benchmarks for the industry. Significantly, on October 19, the company’s shares touched a new record high of Rs 2,750. The market cap of the company had reached 18 lakh crores.
The company has recently signed several agreements for solar energy. Since July, the stock has run up 24 per cent and its market capitalization has reached around Rs 18.3 lakh crore.
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(Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)