RIL Q3 net soars 38% as both energy, consumer businesses clock robust growth

Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) reported a net profit of Rs 20,539 crore in the third quarter of 2021-22, up 37.9% year-on-year as all business verticals saw strong growth, the oil-to-chemical (O2C), telecom and retail conglomerate said on January 21.

The net profit of the company was boosted by a one-time gain of Rs 2,836 crore from sale of its upstream shale gas assets in Eagleford in Texas, USA, with which the company exited from the shale gas play in North America. The consolidated revenue for the country’s most valuable company by market capitalisation rose 52.2% YoY to Rs 209,823 crore in the quarter. The company said that it clocked record earnings before interest, tax, depreciation and amortization (EBIDTA) led by its O2C, oil and gas, retail and digital services.