Reliance Industries Q1 consolidated net profit surges 46.3 per cent

MUMBAI: Reliance Industries Limited (RIL) on Friday reported a consolidated net profit of Rs 17,955 crore for the first quarter of the current financial year, registering a year-on-year growth of 46.3 per cent.

The company's revenue surged by 54.54 per cent year-on-year to Rs 2,23,113 crore during the quarter ended June 30, 2022, as compared to Rs 1,44,372 crore recorded in the corresponding period of the previous year.

Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, said "Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever."

"I am also happy with the progress of our Consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers," Ambani said.

"Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures. Customer engagement on our Digital Services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions," he said.

"Reliance is committed to invest in India's energy security. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians," Ambani added.