Oil-retail-telecom conglomerate Reliance Industries on Friday (July 23) reported strong earnings for the April-June quarter of the current financial years led by its oil-to-chemical business, which reported 75% jump in its revenue. The Mukesh Ambani-led company reported a consolidated net profit of Rs 13,806 crore, up 66.7% year-on-year. Its revenue jumped 57.4% annually to Rs 1,58, 862 crore, the company said.
“I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic. The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
Revenue from its oil-to-chemical business rose 75.2% annually to Rs 103,201 crore as against Rs 58,906 crore reported in the corresponding quarter of previous fiscal year. Operating profit from this segment increased 49.8% to Rs 12,231 crore.
Reliance Industries shares closed 0.71% lower at Rs 2,105.70 apiece on the NSE on Friday.
