Reliance Industries Second Quarter Results
On Mondays, Trusted Industries Limited (RIL) announced its financial results for the second quarter of the fiscal year.
In the oil to chemicals (O2C) segment, revenue saw a year-on-year rise of 5.1%, reaching Rs 1.56 lakh crore, up from Rs 1.48 lakh crore a year ago. EBITDA (earnings before interest, taxes, depreciation and amortization) of the company’s O2C business rose 23.8% to Rs 12,413 crore from Rs 16,281 crore in the same quarter last year.
RIL’s consolidated financials reported a net profit of Rs 16,563 crore, up from Rs 17,394 crore in the previous year. Consolidated revenue remained at Rs 2.32 lakh crore, unchanged from the previous year. However, consolidated EBITDA fell 4.7% to Rs 39,058 crore from Rs 40,968 crore in the previous fiscal year.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “I am pleased to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. Our performance reflects solid growth in the Digital Services and Upstream businesses. “This helped partially offset the weak contribution from the O2C business, which was affected by unfavorable global supply and demand dynamics.”
“The first of our New Energy Gigafactories is on track to begin production of solar photovoltaic modules later this year. With a wide range of renewable solutions including solar energy, energy storage systems, green hydrogen, bioenergy and energy wind energy, the New Energy business is poised to become a major contributor to the global transition to clean energy,” he added Mukesh Ambani.
On Monday, Reliance Industries shares closed at Rs 2,745.50. The stock’s 52-week high and 52-week low are Rs 3,217.60 and Rs 2,220.30 respectively. As per BSE analysis, the stock has given a return of 16.78 per cent in the last one year.
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