Reliance Industries reported a 30% rise in its consolidated net profit of £1,98 billion in the September quarter as compared to £1.53 billion in the year-ago quarter. The energy-to-retail major’s results got a boost from a sharp uptick in oil & gas revenues and strong growth in retail and digital services.
RIL’s consolidated revenue in Q2 stood at nearly £26 billion, up 1.2% from £25 billion in the previous year. The numbers reported by Reliance were in line with expectations, market players said.
“Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth,” Mukesh Ambani, chairman & MD, RIL said in a statement.
At £7.71 billion, Reliance Retail’s gross revenue in Q2 rose nearly 19% as grocery and fashion & lifestyle businesses maintained strong growth momentum. Its net profit for the quarter stood at £ 279 million, up 21%.
Reliance Retail expanded its reach with 471 new store openings, taking the total count at the end of the quarter to 18,650 stores, the company said.