Reliance Industries' (RIL) net profit came in at Rs 13,656 crore for the three-month period, down 23.9 percent sequentially owing to pressure in its oil-to-chemical (O2C) business.
Revenue from the company's oil-to-chemical unit came in at Rs 1.6 lakh crore for the September quarter, as against Rs 1.61 lakh crore for the April-June period. Reliance's operating margin in the O2C business stood at 6.1 percent. The O2C business accounted for almost 57 percent of Reliance Industries' total revenue in the year ended March 2022.
Mukesh D Ambani, Chairman and Managing Director of Reliance Industries said the performance was also impacted by the introduction of special additional excise duties to ensure stable supply and lower volatility in the domestic market.
Domestic Oil and Gas business continued to deliver robust performance. We are confident of commissioning MJ fields by year-end, said Mukesh Ambani.
Revenue from Reliance Retail — Reliance Industries' retail arm — jumped almost 11 percent sequentially to Rs 64,936 crore. Its margin improved by 20 basis points to 6.8 percent for the three months. The retail arm's numbers surpassed brokerage estimates. Growth in the topline was led by a revival in footfalls, store additions and digital integrations.
Reliance Jio's net profit increased 4.2 percent to Rs 4,518 crore for the quarter. The telecom firm's margin and revenue grew for the third consecutive quarter.
Jio's average revenue per user (ARPU) for the September quarter, stood at Rs 177.2 against Rs 175 in the previous quarter. The firm said the ARPU increased for the sixth consecutive quarter due to a better subscriber mix.