Reliance Industries Ltd (RIL) for the second quarter ended 30 September reported 14.3 per cent year-on-year (YoY) growth in consolidated net profit, including share of profit or loss of associates and joint ventures, at Rs 22,092 crore, driven by strong performance in its Oil to Chemicals (O2C), Jio and retail businesses.
For the quarter, the company’s gross revenue rose 9.9 per cent YoY to Rs 2,83,548 crore.
The revenue of Jio Platforms Ltd (JPL) increased 14.9 per cent YoY led by subscriber growth across mobility and home services, sustained improvement in average revenue per user (ARPU) and continued ramp-up of digital offerings. JPL EBITDA grew 17.7 per cent YoY, supported by revenue growth and a 140 basis point margin expansion.
Reliance Retail Ventures Ltd (RRVL) reported 18 per cent YoY growth in revenue, boosted by strong performance across consumption categories. RRVL EBITDA increased 16.5 per cent YoY on the back of network expansion, growth in hyperlocal deliveries and operational efficiencies.
Oil to Chemicals (O2C) revenue rose 3.2 per cent YoY, supported by a 2.3 per cent increase in production meant for sale. The company’s fuel retailing joint venture Jio-bp witnessed strong traction, with volumes growing 34 per cent for high-speed diesel (HSD) and 32 per cent for motor spirit (MS). O2C EBITDA increased 20.9 per cent YoY, driven by a sharp rise in transportation fuel cracks and continued growth in domestic fuel retail volumes. Gains from higher polymer margins in downstream chemicals were partially offset by weakness in polyester chain margins, the company said.
The revenue of the Oil and Gas segment declined 2.6 per cent YoY due to natural decline in production at the KG-D6 block and lower condensate price realisation. This was partly offset by improved KG-D6 gas price realisation and higher coal bed methane (CBM) volumes. Segment EBITDA declined 5.4 per cent YoY due to lower gas volumes and higher operating costs during periodic maintenance activities.
Capital expenditure for the quarter stood at Rs 40,010 crore, primarily directed towards expansion of O2C capacities, strengthening the Jio telecom and digital services network, growing the retail footprint and building new energy giga factories, the company said.
Mukesh D. Ambani, Chairman and Managing Director of RIL, said, “Reliance delivered a robust performance during the second quarter of FY26 led by strong contributions from O2C, Jio and Retail businesses. Digital services business continues to scale up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership.”
He added, “I am happy to highlight the growth momentum of our Retail business. All formats registered higher volumes, propelling strong growth in both revenue and EBITDA. There has been a sustained pick-up in our hyperlocal delivery model and the progressive reforms in the GST regime are expected to support consumption-led growth.”
On O2C, Ambani said, “The business delivered robust growth on a YoY basis despite continued volatility in energy markets. Fuel margins recovered over the previous year led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by industry stakeholders will help balance global markets in the medium term.”
He also said, “I am happy with the progress we are making in our new growth engines — new energy, media and consumer brands. Our initiatives in artificial intelligence are aimed at ensuring Reliance stays at the forefront of evolving technologies.” |
