RIL Q1 web revenue up 40% to Rs 19.4K crore

Despite a good gas market, Reliance Industries Ltd (RIL) has reported a 40.8 per cent rise in web revenue at Rs 19,443 crore within the quarter ended June 2022 as towards Rs 13,806 crore in the identical interval a yr in the past.

RIL’s whole earnings shot up by 53 per cent to Rs 242,982 crore for the June quarter as towards Rs 158,862 crore a yr in the past. The firm’s subsidiary Jio Platforms Ltd posted 24.1 per cent development in web revenue at Rs 4,530 crore within the June quarter as towards Rs 3,651 crore. Gross income rose by 23.6 per cent to Rs 27,527 crore from Rs 22,267 crore within the June quarter a yr in the past.

Reliance Retail’s gross income elevated to Rs 58,554 crore in June 2022 quarter as towards Rs 38,547 crore a yr in the past. Its web revenue rose by 114.2 per cent to Rs 2,061 crore.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited mentioned: “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins.”

Despite important challenges posed by the tight crude markets and better power and freight prices, O2C enterprise has delivered its finest efficiency ever, RIL mentioned. “I am also happy with the progress of our consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures,” Ambani mentioned.

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“Customer engagement on our digital services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions. Reliance is committed to invest in India’s energy security,” he mentioned.

“Our new energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians,” RIL mentioned.