Reliance Ind net jumps 27% to Rs 17,394 cr

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Reliance Industries on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and revenue rose on the back of growth in fashion and lifestyle as well as grocery and e-commerce. Its net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September – the second quarter of the current 2023-24 fiscal – was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, according to a company’s stock exchange filing. The revenue from operations was almost flat at Rs 2.34 lakh crore.

The group’s other company Reliance Retail Venture reported a 21.04 per cent rise in its net profit to Rs 2,790 crore for the second quarter ended September 30, on growth across consumption baskets, increase in footfalls and new store openings.

Its revenue from operation surged 19.48 per cent to Rs 68,937 crore in the September 2023 quarter.

The retail arm of Reliance Industries Ltd (RIL) posted a net profit of Rs 2,305 crore in the July-September quarter of FY23, and its revenue from operations was Rs 57,694 crore. Its gross revenue in the quarter was Rs 77,148 crore, up 18.83 per cent. This was led by “well-rounded growth across consumption baskets”, said an earning statement from RIL. Commenting on the results, RIL Chairman and Managing Director Mukesh D Ambani said Reliance Retail has continued to rapidly expand its offline as well as online presence while adding to its already impressive range of products and offerings. The telecom arm of the group, Reliance Jio Infocomm reported an almost 12 per cent year-on-year rise in standalone net profit to Rs 5,058 crore for the September 2023 quarter. The net profit was Rs 4,518 crore in the year-ago period. Its revenue from operations rose 9.8 per cent to Rs 24,750 crore.

(With inputs from PTI)