RIL consolidated Q2 net profit up 28 per cent at Rs 10.602 cr
04 November 2020
Reliance Industries Ltd (RIL) on Saturday reported a 28 per cent jump in its consolidated net (after-tax) profit for the fiscal second quarter at Rs10,602 crore, with consumer business contributing 49.6 per cent of the before-tax earnings of the group.
Net profit before exceptional item for the quarter increased by 28 per cent year-on-year to Rs10,602 crore ($1.4 billion) while cash profit before exceptional item increased by 20.9 per cent to Rs16,837 crore ($2.3 billion).
Revenue for the quarter was up 27.2 per cent at Rs128,385 crore ($ 17.4 billion) while earnings before interest, taxes, depreciation and amortisation (EBITDA) before exceptional item for the quarter was higher by 7.9 per cent at Rs23,299 crore ($ 3.2 billion).
RIL reported a 14.9 per cent increase in earnings per share (EPS) before exceptional item to Rs14.8 per share.
Standalone net profit before exceptional item for the quarter increased by 34.3 per cent to Rs6,546 crore ($887 million) while cash profit before exceptional item for the quarter stood 31.6 per cent higher at Rs7,201 crore ($ 976 million).
Earnings before interest, taxes, depreciation and amortisation (EBITDA) before exceptional item for the quarter increased by 4 per cent to Rs11,811 crore ($ 1.6 billion).
Standalone revenue for the quarter was higher by 23.3 per cent at Rs64,431 crore ($ 8.7 billion).
RIL said it maintained average Singapore Complex margins for the quarter at $0.05/bbl against $-0.9/bbl in 1QFY21 with recovery in mobility fuels led by gasoline. Reliance maintained a significant premium of $5.7/bbl over regional benchmark.
RIL also used flexibility in its refining configuration to swing significant production of ATF into diesel and other products, as ATF demand was severely impacted due to air travel restrictions.
Reliance BP Mobility Limited (RBML), a joint venture of RIL and BP operated 1,406 fuel retail outlets.
Despite the lockdown restrictions, RIL reported a 5.6 per cent increase in exports for the quarter at Rs34,501 crore ($ 4.7 billion)
Jio Platforms Limited saw a 19.8 per cent increase in net profit for the quarter at Rs3,020 crore ($ 409 million) with EBITDA for the quarter rising by 8.7 per cent to Rs7,971 crore ($ 1.1 billion).
Revenue, including access revenues for the quarter increased by 7.1 per cent to Rs21,708 crore ($ 2.9 billion).
With record subscriber base of over 400 million, RIL’s Jio Infocomm reported quarterly EBDTA of Rs8,345 crore. Retail EBDTA stood at Rs2,006 crore, an 85.9 per cent year-on-year increase.
Jio Platforms Limited, a wholly owned subsidiary of Reliance Industries Limited, raised Rs152,056 crore from leading global investors, including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
Reliance Retail Ventures Limited (RRVL), a wholly owned subsidiary of Reliance Industries Limited, raised Rs37,710 crore of investments from leading global investors, including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA.
RRVL has entered into an agreement to acquire retail and wholesale business and the logistics.