Reliance Industries Limited (RIL) became the first private company in Indian economic history to post a quarterly profit of over Rs 10,000 crore, reports Financial Express (FE).
In the third quarter (Q3) ending in December, Reliance posted profits of Rs 10,251 crore, up by 8.82 per cent compared to last year’s Rs 9,420 crore. Higher price realisations drove the jump in its petrochemical, telecom and retail businesses. Also, revenues increased by 56 per cent to Rs 1.71 trillion from Rs 1.09 trillion.
“In our new-age consumer businesses, we maintained robust growth momentum across retail… and the share of consumer businesses is steadily increasing its contribution to the overall profitability,” said Reliance chairman Mukesh Ambani.
“As we execute on our strategies to deliver superior products and services to Indian consumers, I am confident Reliance is well-positioned for the future and for the next cycle of growth,” he added.
Retail And Telecom
The conglomerate’s retail arm showed impressive numbers in Q3. Reliance Retail’s EBIT (earnings before interest and taxes) grew three-fold to Rs 1,512 crore, powered by strong festive sales and new stores.
Also, Reliance Jio’s net profits increased by 22 per cent quarter-to-quarter and 65 per cent on a yearly basis.
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