RIL profit jumps 46.3% in June quarter on higher refining margin

Reliance Industries Ltd on Friday reported a 46.3 per cent jump in profit for the June-quarter, as cheaper Russian crude and strong demand for fuel boosted refining margin at its dominant oil-to-chemical business.

The Mukesh Ambani-led conglomerate said consolidated profit rose to Rs 17,955 crore ($2.25 billion) in the three months ended June 30 compared with Rs 12,273 crore a year earlier.

In FY22, the company reported a 47 per cent growth year-on-year (Y-o-Y) in the gross revenue. It was $104.6 billion or Rs 7.92 trillion. For Q4FY22, the consolidated gross revenue for the company stood at Rs 2.32 trillion, 35.1 per cent higher than the same quarter in the previous year.

Also Read: RIL Q1FY23 results: A look at the company’s performance in last 4 quarters

The consolidated revenue of the company constantly surged in FY22. In Q1FY22, the company recorded a Rs 1.58 trillion revenue, 57.4 per cent higher than Q1FY21. In the next quarter, Q2FY22, the revenue surged to Rs 1.91 trillion.

In Q3FY22, the consolidated revenue was recorded at Rs 2.09 trillion, 52.2 per cent higher than Q3FY21. In Q4FY22, the company also announced a dividend of Rs 8 per equity share.

Meanwhile, Reliance Jio, the telecom arm of RIL, also reported a standalone net profit of Rs 4,335 crore in the same quarter.

Billionaire Mukesh Ambani-led company clocked revenue from operations of Rs 21,873 crore in the just-ended quarter, which was 21.5 per cent higher than the year-ago period, according to a filing.

On BSE, RIL shares closed at Rs 2,502.90 apiece up 0.62 per cent on Friday. So far in the month of July, RIL shares have underperformed the market by declining 4 per cent on the bourses, as against a 4.5-per cent rally in the BSE’s 30-pack index.

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