Net profit of Reliance Industries (RIL) jumped 37.9% year-on-year on a consolidated basis to ₹20,539 crore in the third quarter compared with ₹14,894 crore in the year-ago period.

India's most valuable company by market capitalisation clocked a 52.2% increase in revenue to ₹2,09,823 crore in the quarter ended December 31, 2021. RIL had reported a revenue of ₹1,37,829 crore in the corresponding quarter of FY21.

The company attributed this significant rise in revenue to higher volumes and improved price realisation on the back of increase in crude oil prices. Its net profit includes an exceptional gain of ₹2,872 crore as the company divested all its shale gas assets.

RIL's earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 29.9% to ₹ 33,886 crore from ₹26,094 crore in the corresponding quarter of the previous year. Growth in operating income was driven by robust performance across businesses, the company says.

The oil-to-telecom conglomerate said its retail business registered the highest ever in-store sales with gross revenue surging 52.5% to ₹57,714 crore during the quarter. Net profit of the retail segement stood at ₹2,259 crore, higher by 23.4%.

Net profit of its subsidiary Jio Platforms rose 8.9% in the third quarter to ₹3,795 crore compared with ₹3,486 crore in the corresponding period of FY21. Gross revenue rose 13.8% in the quarter to ₹24,176 crore.

"Both our consumer businesses, retail and digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth," RIL chairman and managing director Mukesh Ambani says in a statement.

"Retail business activity has normalised with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country," Ambani says. "Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix."

Revenue of the oil and gas segment rose multi-fold, led by ramp-up of gas production from KG D6 block, the company says.

Exports from RIL's India operations increased by 105.3% to ₹ 64,781 crore as against ₹ 31,559 crore in the corresponding quarter of the previous year mainly due to both higher price realisations and higher volumes, it says.

The quarterly results come days after the company entered into an agreement with the Gujarat government to invest ₹5.95 lakh crore in green energy projects as well as other existing and new ventures across the state.

The Mukesh Ambani-led company will make the investments under three heads – renewable energy and green hydrogen ecosystem, integrated renewable energy manufacturing, and bolstering its retail, telecom and other businesses in Gujarat. The proposed investment is expected to create 10 lakh direct and indirect employment opportunities in Gujarat.

Earlier this week, Reliance Jio, the telecom arm of Reliance Industries, prepaid its entire deferred spectrum liabilities worth ₹30,791 crore to the Department of Telecommunications (DoT), which is likely to result in “interest cost savings of around ₹1,200 crore annually”. The company cleared all outstanding dues even after DoT had given options to telecom operators of availing four year moratorium on all spectrum-related payments.

Reliance Q3 result

RIL Q3 results: Reliance Industries' profit soars 38% to ₹20,539 crore, revenue 52% higher