Business

Reliance Industries Ltd reports 12% rise in net profits in Q3

Reliance Industries Ltd reported a better-than-expected 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio. Consolidated net profit in October-December stood at Rs 13,101 crore, compared to Rs 11,640 crore net earning in the same period a year back, the company said in a statement.

Net income increase was further aided by a 20 per cent year-on-year decline in finance expenses due to cash coming in the digital unit, Jio Platforms and Reliance Retail from Google/financial investors respectively.

Jio, posted a 15.5 per cent quarter-on-quarter rise in net profit to Rs 3,489 crore as it added over 25 million subscribers and per user income rose to Rs 151 per month.  A sharp recovery in fashion and lifestyle businesses saw the segment’s cash profit rise 76.3 per cent to Rs 2,482 crore.

Reliance said it has completed fundraising from selling minority stakes in Jio Platforms Ltd, the unit that holds telecom and digital businesses, and Reliance Retail to global investors. It raised Rs 152,056 crore in Jio and Rs 47,265 cr in retail. A cumulative cash inflow of Rs 220,231 crore helped it turn into a net cash surplus company.

Reliance said it along with its partner BP has started production from the R Cluster, an ultra-deep-water gas field in block KG D6, Satellites Cluster and MJ – which together are expected to meet about 15 per cent of India’s gas demand by 2023.

 

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