Reliance net profit jumps 11.9% in December quarter, beating estimates
Reliance Industries Ltd (RIL) reported an 11.9% rise in consolidated net profit in December quarter, driven by its energy, retail and digital services units, beating analyst estimates. Consolidated profit after tax rose to ₹21,804 crore from ₹19,488 crore in the year earlier. Net profit attributable to owners of the company was up 7% to ₹18,540 crore from ₹17,265 crore a year earlier. A Bloomberg survey of analysts had pegged profit at about ₹18,326 crore.
Revenue from operations increased 7% to ₹2.43 lakh crore from ₹2.27 lakh crore in the year earlier. Consolidated ebitda increased by 7.8% to ₹48,003 crore. «It gives me great pleasure to see Reliance grow exponentially over the years and set new benchmarks that demonstrate the inherent strength and resilience we have across all our businesses,» said Mukesh Ambani, chairman and MD of RIL. «The delivery of record ebitda and profit after tax at a consolidated level for this quarter is a testament to this.»
The RIL stock ended at ₹1,268.70, up 1.31% on the BSE on Thursday. The results were announced after market hours.
Retail
The retail business posted revenue of ₹90,333 crore, up 8.8% on-year. Strong sequential growth was driven by productivity improvement initiatives and increased customer engagement during festive period through new product launches and promotions.
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