December 9, 2022

jio: Ril Posts 38% Higher Profit In Oct-dec Qtr At ₹20,539cr | India Business News – Times of India

MUMBAI: Reliance Industries (RIL), India’s largest listed company, reported a 38% rise in quarterly profit on Friday on the back of a one-off gain from the sale of its US shale business and strong performance by its oil-to-chemicals (O2C) and consumer (Jio & retail) units. Profit grew to Rs 20,539 crore in Q3FY22. It made a gain of Rs 2,872 crore from the US shale asset divestment.
Revenue amounted to over Rs 1.9 lakh crore, up 54%, as business activities improved on the back of easing Covid-related movement curbs and strong festive demand. Operating profit edged up 30% to Rs 33,886 crore in the October through December months, aided by better price realisations.
Operating profit of digital (Jio) climbed 14% to Rs 10,230 crore due to higher data usage by subscribers and strong earnings from new services. However, average revenue per user (Arpu) — a key metric that influences income — remained flat at Rs 151 in Q3FY22. Arpu is the total revenue of the telecom operator divided by the number of users on its network. Launched in 2016, Jio has 421 million customers (as of December end, up from 411 million in Q3FY21) and saw data and voice traffic growth of 48% and 18% on its network. It increased its prepaid plans by 20% on December 1, 2021.


Operating profit of the retail business rose 24% to Rs 3,835 crore as the business environment returned to normalcy after local authorities relaxed pandemic-related curbs. Grocery maintained growth momentum, while consumer electronics, apparel and footwear doubled their business on the back of strong festive sales. The retail segment does not include RIL’s petro-retailing venture. This business is housed in a joint venture with UK’s BP.
The consumer business (Jio and retail) accounted for 42% of the company’s operating profit in Q3FY22. Operating profit of O2C zoomed 39% to Rs 13,530 crore due to higher volumes and increase in crude oil prices.

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