RIL Results: Reliance' consolidated quarterly revenue for Q2 2020 rises by 27.2% to Rs 128,385 crore

Reliance Industries Limited today released the revenue report for the quarter ended September 2020. The company reported major profit and revenue growth across all of its subsidiaries. The Mukesh Ambani-led conglomerate also supported job creation during a time of recession and generated as many as 30,000 new jobs during April – September 2020 in consumer business and last-mile delivery.

Consolidated and Standalone Revenue of Reliance Industries Limited

The consolidated revenue for the July-September quarter stood at Rs 128,385 crore, 27.2% higher than the previous quarter. Standalone revenue for this quarter was Rs 64,431 crore, up 23.3%. The company reported a growth of 5.6% to Rs 34,501 crore in exports. Standalone net profit before exceptional item for the quarter was Rs 6,546 crore, rising by 34.3%.

Consolidated Revenue of Jio Platforms Limited

Jio Platforms reported a 7.1% rise in quarterly revenue for the July-September quarter of the fiscal year 2021. The revenue stood at Rs 21,708 crore. Net profit for the quarter was Rs 3,020 crore, reporting a growth of 19.8% from Rs 2,520 crore in Q1 2020. The digital arm of RIL bagged investments from global leaders including Facebook, Google, Silver Lake, Vista Equity Partners etc. The amount summed up to Rs 152,056 crores. Its total customer base as on 30^th September was 405.6 million, growing 1.8%.

Total wireless data traffic generated a revenue growth of 1.5%, standing at Rs 1,442 crore GB. Operational revenue, including access revenues, grew by 7.2% to Rs 18,496 crore from Rs 17,254 crore in the previous quarter. Apart from this, Jio also hit the milestone of becoming the only operator (outside China) to have 400 million subscribers in a single country market. Wireless gross addition showed a strong sequential increase to 27.2 million as lockdown restrictions began to ease during the second quarter.

Consolidated Revenue of Reliance Retail

Reliance Retail – the wholly-owned subsidiary of RIL – reported 30% Q-o-Q increase in consolidated value of sales and services. The revenue stood at Rs 41,100 crore which was at Rs 31,620 crore in the previous quarter. This was a strong performance considering that the full store network was yet not operational. The footfalls were also significantly lower than the pre-COVID levels. Operational revenue stood at Rs 36,566 crore, up 29.7% from Rs 28,197 crore during the first quarter of FY 2021. Notably, this increase remains constant when compared to the same quarter last year, despite restricted store operations.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “We delivered strong overall operational and financial performance compared to the previous quarter with recovery in petrochemicals and retail segment and sustained growth in Digital Services business. Domestic demand has sharply recovered across our O2C business and is now near the pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raise in the last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity.”

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