Profit companies

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

Reliance Industries Ltd on Friday reported a 46.3% rise in profits for the June quarter as cheaper Russian crude and strong fuel demand boosted the refining margin of its dominant petroleum-to-chemicals business.

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

In FY22, the company achieved 47% year-over-year (YoY) growth in gross revenue. It was $104.6 billion or 7.92 trillion rupees. For the fourth quarter of FY22, the company’s consolidated gross revenue was Rs 2.32 trillion, up 35.1% from the same quarter a year earlier.

Also Read: Q1FY23 RIL Results: A Snapshot of Business Performance Over the Last 4 Quarters

The company’s consolidated revenue has steadily increased in FY22. In the first quarter of FY22, the company recorded revenue of Rs. % higher than in the first quarter of FY21. In the following quarter, Q2FY22, revenue jumped to Rs 1.91 trillion.

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

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

The billionaire-led company Mukesh Ambani generated operating revenue of Rs 21,873 crore in the just-ended quarter, up 21.5% from a year ago, a filing shows. .

On BSE, RIL shares closed at Rs 2,502.90 each, up 0.62% on Friday. So far in July, RIL shares have underperformed the market falling 4% on exchanges, compared to a 4.5% rise in the BSE 30-pack index.

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