Mumbai-headquartered Reliance Industries (RIL) saw a sizeable year-on-year (YoY) jump in its quarterly earnings in the most recently ended quarter, posting a consolidated net profit of Rs 9516 crore ($1.3 billion) in the second quarter of the current fiscal compared to Rs 8109 crore in the corresponding quarter last fiscal, thus registering a year-on-year growth of 17.4 per cent.
Furthermore, the Mukesh Ambani-led conglomerate recorded a quarterly consolidated revenue of Rs. 1,56,291 crore ($21.2 billion) in the second quarter compared to Rs. 101,169 crore in the same period last year, thus reporting a hike of 54.5 per cent year-on-year.
The company, in an official statement released on Wednesday, said the increase in revenue was primarily on account of higher price realisations of petrochemical and refinery products, led by a 44.5 per cent increase in Brent crude price. Increased revenues also reflected higher volumes with the commissioning and ramp-up of new petrochemical facilities, it added.
Exports (including deemed exports) from RIL's India operations were higher by 45.5 per cent at Rs. 60,460 crore as against Rs. 41,560 crore in the corresponding period of the previous year due to higher petrochemical product volumes and higher product prices in petrochemical and refining business.
Outstanding debt as on September 30 stood at Rs. 258,701 crore compared to Rs. 218,763 crore as on March 31.
Meanwhile, RIL's telecom arm, Reliance Jio Infocomm Limited, posted standalone revenue from operations of Rs. 9,240 crore ($1.25 billion) in the second quarter, up from Rs. 8,109 crore in the first quarter, thus registering a 13.9 per cent quarter-on-quarter hike. It also posted standalone net profit of Rs. 681 crore in the second quarter.
Furthermore, the company crossed 250 million subscribers within 25 months from the commencement of services, and accelerated growth in subscriber base to 252.3 million. The strong numbers posted by Reliance Jio, and also the fact that it has posted a noteworthy profit, reflects both sides of how it has disrupted India's telecom ecosystem -- by already accruing a user-base in the region of what the big incumbents from the time of its launch (September 2016) then had and by forcing many of those incumbents to consolidate in an effort to reconcile their operations, and particularly their servicing of debt, in the light of the new pricing strategies they've had to employ.