India Reliance exceeds pre-pandemic levels, refining boosts profits

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A man walks past a Reliance Industries Limited billboard installed on a partition wall in the western Indian town of Gandhinagar, January 17, 2014. REUTERS / Amit Dave

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BENGALURU, Oct.22 (Reuters) – India’s Reliance Industries Ltd (RELI.NS) posted a 43% rise in second-quarter profits on Friday, beating market expectations, as growing demand and selling price Higher average petroleum products boosted its core oil. chemical company.

Pandemic-hit energy and retail businesses of the Mumbai-based conglomerate are experiencing a massive rebound, travel is back on track and shoppers are returning to stores as vaccination accelerates in India.

The turnover of the petroleum-to-chemicals unit, which houses both its refining and petrochemicals activities, increased by 58.1%, also benefiting from the increase in the fuel margin of transport.

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With the lifting of the lockdowns, the activities of its retail division, which includes more than 12,000 stores and supermarkets, have returned to pre-pandemic levels with revenues of 399.26 billion rupees.

“All of our activities reflect growth from pre-COVID levels,” Asia’s president and richest man Mukesh Ambani said in a statement.

India’s most valuable company, Reliance, has swarmed the retail and telecommunications industries in recent years to capitalize on India’s consumer boom as it seeks to reduce its reliance on of its main energy branch.

Reliance’s telecommunications unit Jio posted a 24% increase in profits, with a net addition of 23.8 million subscribers from a year ago.

The company said it would launch the low-cost smartphone it was developing with Google (GOOGL.O) “soon” after a delay due to an industry-wide chip shortage.

The company said its consolidated profit reached 136.80 billion rupees in the quarter ended September 30, from 95.67 billion rupees a year earlier.

Analysts on average expected a profit of 134.65 billion rupees, according to data from Refinitiv.

Overall operations turnover increased 50% to 1.74 trillion rupees from the previous year.

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Reporting by Nallur Sethuraman in Bangalore; Editing by Arun Koyyur

Our Standards: Thomson Reuters Trust Principles.

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