- Reliance Retail first quarter revenue rises by 52 percent
NE BUSINESS BUREAU
MUMBAI, JULY 23
Billionaire Mukesh Ambani’s Reliance Industries Limited (RIL) posted a 46% increase in quarterly profit but fell short of market expectations as high costs made a dent to the windfall gains from refining business.
Net income at India’s biggest company by market value jumped 46% to 179.6 billion rupees ($2.3 billion) for the three months ended June 30, according to an exchange filing Friday, but fell short of the average profit of Rs 229.2 billion.
The refining-to-retail conglomerate saw a 55% rise in revenue to Rs 2.23 trillion compared to the same period last year. Total costs surged 51% to 1.98 trillion rupees with raw material costs rising 76% during the quarter, a company release said.
Reliance Retail revenue rises by 52 percent
Reliance Retail, a subsidiary of Reliance Industries Limited (RIL), on Friday reported consolidated gross revenue of Rs 58,554 crore for the quarter ended June 30, 2022, registering a year-on-year growth of 51.9 percent.
The company’s net profit during the first quarter of the current financial year surged by 114.2 percent year-on-year to Rs 2,061 crore.
Reliance Retail’s EBITDA for the quarter ended June 30, 2022, rose to Rs 3,837 crore, registering growth of 97.8 percent.
Reliance Retail continues to maintain its leadership position in Consumer Electronics as it doubled its business over last year led by broad based growth across categories of air conditioners, mobiles, laptops, and high-end TVs.
Focused promotions during the IPL for TVs and for productivity devices during back-to-school helped capture consumer demand, Reliance Industries Limited said in a statement.
