business

Business News Update: Decoding Reliance Results – A Quarter Of Records

It was a quarter of records for Reliance Industries as it reported better than expected profit and revenue led by stellar performance in oil to chemical and retail arms. The conglomerate’s profit grew 46% YoY to Rs 17,955 crore in June quarter. Oil to chemicals segment delivered its best-ever quarterly performance while oil & gas segment revenues increased 183 percent YoY to Rs 3,625 crore thanks to higher international prices and ramp-up in exports. Meanwhile, the retail business topped pre-Covid footfall numbers due to an ever expanding network of stores. When it comes to Jio, its average revenue per user climbed to Rs 175.7 against Rs 167.60 in the previous quarter, a jump of 4.8%. Watch Karunya Rao and Rachita Prasad decode the Mukesh Ambani-led firm’s quarterly performance. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.