RIL Q2 Result: Profit jumps 46% to Rs 15,479 crore, revenue rises 50% to Rs 1.74 lakh crore

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RIL Q2 Result: Profit jumps 46% to Rs 15,479 crore, revenue rises 50% to Rs 1.74 lakh crore
© Smriti Chaudhary RIL Q2 Result: Profit jumps 46% to Rs 15,479 crore, revenue rises 50% to Rs 1.74 lakh crore

Reliance Industries announced a consolidated profit of Rs 15,479 crore for the quarter ended September 2021, registering a massive 46 percent increase compared to year-ago period, driven by all key – retail, digital as well as oil-to-chemical (O2C) segments.

Profit in the year-ago period was at Rs 10,602 crore and Rs 13,806 crore in June 2021 quarter. The sequential growth in profit was 12.1 percent.

Consolidated revenue for the quarter came in at Rs 1.74 lakh crore, significantly higher by 49.8 percent compared to Rs 1.16 lakh crore reported in year-ago period, said Reliance Industries in its BSE filing, adding the topline growth on sequential basis was 20.6 percent.

Reliance Industries became the first listed company to touch the market-cap of Rs 18 lakh crore after recent run up in share price that touched a record high of Rs 2,750 on October 19, especially after signing several deals in the solar energy business. The stock gained 24 percent since the beginning of July, to hit a market capitalisation of almost Rs 18.3 lakh crore.

Reliance Industries has increased its focus on solar energy segment as it is going to establish and enable up to 100 GW of solar energy in India by 2030, and become a global player in the renewable industry.

Recently its subsidiary Reliance New Energy Solar (RNESL) acquired 86,887 series C preferred shares of Germany’s NexWafe GmbH at a price of EUR 287.73 per share for 25 million euros. NexWafe is developing and producing monocrystalline silicon wafers.

Reliance New Energy Solar also decided to acquire 40 percent stake in Sterling & Wilson Solar, which executed 11-plus GW of solar turnkey projects globally, through a combination of primary investment, secondary purchase and open offer. Moreover, it acquired REC Solar Holdings AS, one of the world’s leading solar cells / panels and polysilicon manufacturing company, from China National Bluestar (Group) Co Ltd, for an enterprise value of $771 million.

In the retail segment, its subsidiary Reliance Retail Ventures though 7-India Convenience Retail entered into a master franchise agreement with 7-Eleven, Inc. for launch of 7-Eleven convenience stores in India.

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Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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