March 28, 2024 23:50 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI | Comments on our electoral, legal processes completely unacceptable: India on US' remarks over Kejriwal arrest | Delhi High Court rejects PIL seeking removal of Arvind Kejriwal as CM | MHA extends AFSPA in 3 districts of Arunachal Pradesh for 6 months
Mukesh Ambani's RIL tides over pandemic blues with telecom and retail businesses in Q2FY21 Reliance Industries Limited

Mukesh Ambani's RIL tides over pandemic blues with telecom and retail businesses in Q2FY21

India Blooms News Service | @indiablooms | 31 Oct 2020, 02:34 am

Mumbai/IBNS: Mukesh Ambani-owned Reliance Industries Limited (RIL) on October 30 posted huge profits for the quarter-ended September, riding on its telecom and retail verticals.

The figures reflected strong recovery attributed to sustained improvement in domestic demand in the second quarter.

RIL posted consolidated net profit at Rs 9,567 crore for the second quarter ended September compared to consolidated net profit of Rs 11,262 crore in the same quarter last year.

Its revenue fell by 15.05 per cent year-on-year (YoY) due to lower revenues from oil and gas business.

"We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustained growth in the digital services business," said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

The conglomerate's retail wing recorded revenue of Rs 41,100 crore crore in the September quarter, which is at par with the revenue reported in the same quarter last year but improved from the June quarter this year which was Rs 31,620 as lockdown was eased across the country and physical shops went business as usual.

EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 2,009 crore in Q2FY21, compared to Rs 2,330 crore in Q2FY20 and the margin fell to 5.4 per cent versus 6.3 per cent the previous year.

“Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country,'' said Mukesh Ambani Chairman RIL

V. Srikanth, joint chief financial officer of RIL, said: “With large capital raise in the last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family" Ambani added. “Increased footfall and store openings have contributed to the rebound in retail revenues, with 85 per cent of stores now open."

The company said it expects complete recovery of retail activity to pre-Covid levels in the third quarter of the financial year.

Revenue growth was driven by the consumer electronics segment which showed strong broad based demand with demand for laptops and productivity devices being more than double. High end TVs and electronic appliances also showed strong growth.

The electronic segment's performance was bolstered by Independence Day Golden Event, enabled by unmatched offers, strong value proposition and affordability scheme the company said.

Reliance Jio Infocom posted a net profit of Rs 2,844 crore for the September quarter, whereas it was Rs 990 crore in the year-ago period.

Revenue from operations increased to Rs 17,481 crore from Rs 13,130 crore in the same quarter last fiscal.

The average revenue per user (Arpu) also showed an increase from Rs 145 from Rs 140 in the June quarter this fiscal whereas it was Rs 120 a year ago, driven by higher data consumption triggered by work from home.

Total wireless data traffic during the quarter was at 1,442 crore GB, showing a growth of 1.5 per cent.

The company is the first telecom operator globally, outside China, to cross 40 crore subscribers in a single country market.

RIL's oil and gas business also witnessed improved market conditions which reflected in its revenues and EBITDA.

The revenue of the petrochemicals segment increased by 17.8 per cent in the second quarter compared to the first quarter this fiscal with higher prices across the product portfolio and higher volumes.

Segment EBITDA increased by 34.6 percent Q-o-Q to Rs 5,964 crore mainly due to higher production volume and higher volume placement in the domestic market.

STANDALONE - RIL

As per RIL's press release:

• Revenue for the quarter was Rs 64,431 crore ($ 8.7 billion) higher by 23.3 per cent

• EBITDA before exceptional item for the quarter was Rs 11,811 crore ($ 1.6 billion) higher by 4.0 per cent

• Net Profit before exceptional item for the quarter was Rs 6,546 crore ($ 887 million) higher by 34.3 per cent

• Cash Profit before exceptional item for the quarter was Rs 7,201 crore ($ 976 million) higher by 31.6 per cent

• Exports for the quarter was Rs 34,501 crore ($ 4.7 billion) growth of 5.6 per cent

  CONSOLIDATED – JIO PLATFORMS LIMITED

According to RIL press release:

• Revenue including access revenues for the quarter was Rs 21,708 crore ($ 2.9 billion) higher by7.1 per cent

• EBITDA for the quarter was Rs 7,971 crore ($ 1.1 billion) increase of 8.7 per cent

 • Net profit for the quarter was Rs 3,020 crore ($ 409 million) growth of 19.8 per cent

 • Total Customer base as on Sept 30, 2020 of 405.6 million, growth of 1.8 per cent• ARPU during the quarter of ₹ 145.0 per subscriber per month as against ₹ 140.3 per subscriberper month in the trailing quarter

 • Total wireless data traffic during the quarter of 1,442 crore GB;1.5 per cent growth 

CONSOLIDATED – RELIANCE RETAIL

 • Revenue for the quarter was Rs 41,100 crore ($ 5.6 billion) higher by 30.0 per cent 

• EBITDA for the quarter was Rs 2,006 crore ($ 272 million) higher by 85.9 per cent 

• Net profit for the quarter was ₹ 973 crore ($ 132 million) higher by 125.8 per cent

 • Cash Profit for the quarter was ₹ 1,408 crore ($ 191 million) higher by 77.3 per cent 

• 11,931 operational physical stores; net addition of 125 stores during the quarter  

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.