RIL net surges 27% to Rs 17,394 cr in Q2

MUMBAI: Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and revenue rose on the back of growth in fashion and lifestyle as well as grocery and e-commerce.

Its net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, according to a company’s stock exchange filing.

The revenue from operations was almost flat at Rs 2.34 lakh crore.

Commenting on the results, Mukesh D Ambani, chairman and managing director, Reliance Industries Limited said: “Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth.”

For Q2 FY2023-24 Reliance Retail’s gross revenue recorded at Rs 77,148 crore for 2Q FY24, a growth of 18.8% Y-o-Y led by well-rounded growth across consumption baskets. Grocery and Fashion & Lifestyle businesses maintained strong growth momentum while Consumer Electronics had a steady performance despite festive period falling in 3Q FY24.

Reliance Retail’s net profit for the quarter was Rs 2,790 crore, up 21.0% Y-o-Y. For Q2 FY2023-24 Reliance Retail expanded its store network with 471 new store openings taking the total store count at the end of the quarter to 18,650 stores with an area of 71.5 mn sq ft. It recorded footfalls of over 260 million across formats, a growth of 40.5% Y-o-Y. The business completed equity fund raise of Rs 15,314 crore in the current round from global marquee investors.

Reliance Retail completed transfer of assets to warehouse InvIT entity for a total consideration of Rs 5,150 crore on October 25, 2023.