RIL Q3 net grows 10.9% to ₹19,641 cr. on retail unit

Reliance Industries Ltd. (RIL) reports Q3 net profit growth, strong performance in retail business, and challenges in O2C segment.

Reliance Industries Ltd. (RIL) reported third-quarter consolidated net profit grew 10.9% to ₹19,641 crore on robust performance of retail business.

However, the Oil to Chemical (O2C) business suffered following lower price realisation. 

Consolidated revenue at ₹2,48,160 crore, up 3.2% Year on Year (YoY), supported by continued growth momentum in consumer businesses, RIL said in a filing with stock exchanges.

“RIL has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses,” Mukesh D. Ambani, Chairman and Managing Director, RIL, said in a statement. 

Jio Platforms reported net profit of ₹5,445 crore was higher by 11.6% Y-o-Y. Gross revenue climbed 11.4% to ₹32,510 crore.   Customer engagement on Jio network remained strong, total data and voice traffic increased 31.5% to 38.1 billion GB and 7.9% Y-o-Y to 1.37 trillion minutes, respectively, the company said. Its subscriber base increased to 470.9 million while ARPU rose 2% to ₹181.7 with better subscriber mix partially offset by unlimited data allowance on 5G network.

“Jio has completed in India the fastest rollout of True 5G services anywhere in the world. The strong uptake of the JioBharat phone and JioAirFiber services has resulted in continued expansion of Jio’s subscriber base, contributing to the stellar growth numbers of the digital services business,” Mr. Ambani said. 

Akash M. Ambani, Chairman, Reliance Jio Infocomm said, “ JioAirFiber has seen strong initial demand and customer engagement, especially in underserved tier 3/4 towns and rural areas. Jio’s ahead of the curve investments on next-generation network, digital technologies and tailor-made products for all customer cohorts will ensure sustainable industry leading growth in coming years.”