New Delhi, January 22
Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) on Friday reported a better-than-expected 12% rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
Consolidated net profit in October-December stood at Rs 13,101 crore, compared to Rs 11,640 crore net earning in the same period a year back, the company said.
While oil-to-chemical or O2C business improved quarter-on-quarter, it was lower than year-ago earnings but this was more than made good by a spurt in consumer-facing businesses of telecom and retail which now contribute to 51% of earnings as compared to 37% a year back.
About 56% of the pre-tax profit of Rs 8,483 comes from Jio and Reliance Retail.
Net income increase was further aided by a 20% year-on-year decline in finance expenses due to cash coming in the digital unit, Jio Platforms and Reliance Retail from Google/financial investors respectively. Revenue was down 18.6% at Rs 137,829 crore.
Meanwhile, Jio, the telecom arm, posted a 15.5% quarter-on-quarter rise in net profit to Rs 3,489 crore as it added over 25 million subscribers and per user income rose to Rs 151 per month. — PTI