RIL Q2 net almost static at Rs15,512 cr

Reliance Industries Ltd (RIL) reported a net profit of Rs 15,512 crore ($1.9 billion), for the fiscal second quarter, which was slightly higher (0.2%) than the comparable quarter of the year. last year.

Gross revenue for the quarter was 253,497 crore ($31.2 billion), up 32.4% year-on-year. EBITDA (excluding the impact of Special Supplementary Excise Duty (SAED) costs of Rs 4,039 crore) for the quarter increased by 27.8% to Rs 38,702 crore ($4.8 billion) .

EBITDA (including the impact of SAED-related costs of Rs 4,039 crore) for the quarter increased by 14.5% to Rs 34,663 crore ($4.3 billion).

Cash profit for the quarter rose 15.4% to 27,614 crore rupees ($3.4 billion). EPS for the quarter, however, was 3.3% lower at Rs20.2 per share.

RIL reported standalone net profit of Rs 6,915 crore ($850 million) for the quarter ended September 30, 2022, down 25.1% from the same quarter last year.

Cash profit for the quarter was 8.9% lower at 10,688 crore rupees ($1.3 billion).

Gross revenue for the quarter rose 34.5% to 146,310 crore rupees ($18.0 billion).

EBITDA (excluding the impact of SAED-related costs of Rs 4,039 crore) for the quarter increased by 19.9% ​​to Rs 19,361 crore ($2.4 billion).

EBITDA (including the impact of SAED-related costs of Rs 4,039 crore) for the quarter decreased by 5.1% to Rs 15,322 crore ($1.9 billion).

Exports for the quarter increased by 57.5% to reach 86,382 crore rupees ($10.6 billion).

Reliance Jio Infocomm Limited, a subsidiary of the company, acquired spectrum in the 700 MHz, 800 MHz, 1800 MHz, 3300 MHz and 26 GHz bands in auctions conducted by the Department of Telecommunications. Acquiring the right to use this spectrum will enable Jio to build the world’s most advanced 5G network and further strengthen India’s global leadership in wireless broadband connectivity, the company said in a statement. .

Jio’s 5G network will enable the next generation of digital solutions that will accelerate AI-driven India’s march to become a $5 trillion-plus economy, he added.

Jio has announced beta trial of its 5G services, for Jio users in 4 cities – Mumbai, Delhi, Kolkata and Varanasi – after successful demonstration at India Mobile Congress, 2022.

Jio said the rollout of 5G services will accelerate India’s transformation into a digital society. This connectivity and technology will help improve access to education, healthcare, agriculture, skills development, small, medium and large businesses, IoT, smart homes and gaming. , affecting 1.4 billion Indians.

Jio Platforms Limited, a subsidiary of the Company, and Meta announced the launch of the first-ever end-to-end shopping experience on WhatsApp, where consumers can purchase from JioMart directly in their WhatsApp chat. A world first, JioMart on WhatsApp will allow users in India, including those who have never shopped online before, to seamlessly browse JioMart’s entire grocery catalog, add items to cart and make payment to complete the purchase – all without leaving WhatsApp chat.

Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of the Company, and Sanmina Corporation (Sanmina), announced the completion of a previously announced joint venture transaction. The joint venture will create a world-class electronics manufacturing center in India in line with the Prime Minister’s “Make in India” vision. The joint venture will prioritize high-tech infrastructure hardware, for growing markets and in sectors such as communication networks (5G, cloud infrastructure, hyperscale data centers), medical and healthcare systems, technologies industrial and clean, defense and aerospace.

Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of the Company, has invested in Caelux Corporation, a Pasadena, California, United States-based company engaged in the development of perovskite-based solar technology. RNEL invested $12 million to acquire a 20% stake in Caelux. This investment will accelerate the development of products and technologies for Caelux, including the construction of its pilot line in the United States, to accelerate the commercial development of its technology. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux technology.

The company also acquired a majority stake in SenseHawk Inc for a total transaction value of $32 million, including funding for future growth, commercial product deployment and R&D.

SenseHawk is a California-based developer of software management tools for the solar power generation industry and helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

Jio Platforms Ltd (JPL) reported consolidated net profit of Rs 4,729 crore ($581 million) for the quarter, up 26.9%. Cash profit for the quarter rose 33.6% to 10,966 crore rupees ($1.3 billion).

Gross revenue for the quarter rose 22.8% to 28,506 crore rupees ($3.5 billion). EBITDA increased by 29.2% to 12,011 crore rupees ($1.5 billion).

The company’s total customer base as of September 30, 2022 stood at 427.6 million, while the average revenue per user (ARPU) during the quarter stood at Rs 177.2 per month.

Total data traffic increased 22.7% to 28.2 billion GB during the quarter.

Reliance Retail reported a 36% increase in net profit for the quarter to 2,305 crore rupees ($283 million).

Gross revenue for the quarter rose 42.9% to 64,920 crore rupees ($8.0 billion). EBITDA for the quarter increased by 51.2% to 4,404 crore rupees ($541 million). Cash profit for the quarter rose 45.0% to 3,324 crore rupees ($409 million).

During the quarter, Reliance Retail opened 795 new stores, bringing the total number of physical stores in operation to 16,617 – with a total area of ​​54.5 million square feet, compared to 37.3 million square feet in the corresponding quarter of the previous year.

“I am pleased with the record performance of our consumer business which continues to achieve new milestones each quarter. We have seen consistent subscriber net additions and increased engagement in the digital services segment. Jio has announced a beta trial for its standalone 5G services and is making rapid progress for an ambitious and fastest-ever deployment of True 5G on a pan-India basis. Our Retail business delivered record performance with a strong recovery in footfall, store additions and digital integration. Reliance Retail continues to deliver a compelling proposition of exceptional shopping experience and superior value across consumer baskets and price points,” said Mukesh D Ambani, Chairman and Managing Director of Reliance Industries Limited.

Ambani attributed the underperformance of RIL’s oil-to-chemicals (O2C) business to subdued demand and a low margin environment in downstream chemicals.

However, transportation fuel margins were better than last year, but significantly lower sequentially. The segment’s performance was also affected by the introduction of special additional excise duties during the quarter to ensure stable supply and less volatility in the domestic market, he added.