Mumbai: Reliance Industries (RIL), India’s largest listed company, on Friday reported a 38% jump in quarterly profit on one-time gains from the sale of its US shale business and a strong performance by its oil-to-chemical (O2C). consumer (live and retail) units. Profit rose to Rs 20,539 crore in Q3FY22. It made a profit of Rs 2,872 crore from US shale asset disinvestment.
Revenue over Rs 1.9 lakh crore, up 54%, as business activity improved due to curbs on Covid-related movement and strong festive demand. Operating profit jumped 30% to Rs 33,886 crore in the months of October to December on better price realizations.
Digital (Jio)’s operating profit grew 14% to Rs 10,230 crore, driven by higher data usage by customers and strong earnings from new services. However, average revenue per user (ARPU) – a key metric that affects earnings – remained stable at Rs 151 in Q3FY22. ARPU The total revenue of a telecom operator is divided by the number of users on its network. Launched in 2016, Jio has 421 million subscribers (as of December-end, up from 411 million in Q3FY21) and witnessed a 48% and 18% growth in data and voice traffic on its network. It increased its prepaid plans by 20% on December 1, 2021.
Revenue over Rs 1.9 lakh crore, up 54%, as business activity improved due to curbs on Covid-related movement and strong festive demand. Operating profit jumped 30% to Rs 33,886 crore in the months of October to December on better price realizations.
Digital (Jio)’s operating profit grew 14% to Rs 10,230 crore, driven by higher data usage by customers and strong earnings from new services. However, average revenue per user (ARPU) – a key metric that affects earnings – remained stable at Rs 151 in Q3FY22. ARPU The total revenue of a telecom operator is divided by the number of users on its network. Launched in 2016, Jio has 421 million subscribers (as of December-end, up from 411 million in Q3FY21) and witnessed a 48% and 18% growth in data and voice traffic on its network. It increased its prepaid plans by 20% on December 1, 2021.
Operating profit of the retail business rose 24% to Rs 3,835 crore as the business environment returned to normal after local authorities eased restrictions related to the pandemic. Grocery maintained the growth momentum, while consumer electronics, apparel and footwear doubled their business on strong festive sales. RIL’s petro-retailing venture is not included in the retail segment. The business is placed in a joint venture with BP of the UK.
The consumer business (Jio and retail) accounted for 42% of the company’s operating profit in Q3FY22. O2C’s operating profit jumped 39% to Rs 13,530 crore due to higher volumes and rise in crude oil prices.
,