Mukesh Ambani’s Reliance Industries will hold AGM on August 29: Check details | Mint – Mint

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Billionaire Mukesh Ambani’s RIL announced a 46% increase in net profit for the June quarter in July, thanks to record oil refining earnings as well as booming telecom and retail operations. According to a statement from the company, the oil, retail, and telecom conglomerate’s consolidated net profit for April through June was ₹17,955 crore, or ₹26.54 per share, up from ₹12,273 crore, or ₹18.96 per share, a year earlier.

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Sequentially, net profit increased by 11%, but it fell short of analyst expectations since they assumed the company would have purchased Russian crude at the greatest discount and exported all gasoline when margins were at their highest. Except for January through March, the net profit increased each of the preceding six quarters (starting July-September 2021).

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Reliance announced record quarterly consolidated profits before interest, taxes, depreciation, and amortisation (EBITDA) of ₹40,179 crore, up 45.8 percent year over year. The increase in EBITDA of ₹12,629 crore was mostly due to the production of gas and oil, or 76%, or ₹9,597 crore.

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Following Russia’s invasion of Ukraine, energy prices rose to an all-time high, and Reliance saw exceptional but not atypical profits from its oil-to-chemicals sector. Despite weak petchem, the record refining margins drove a 62.6% increase in segment earnings. Additionally, export cracks or margins for gasoline and diesel were at an all-time high. Its export revenue increased by 71.3% to ₹96,212 crore.

Commenting on the results, Mukesh Ambani said: “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever.”