RIL’s net income climbs 4.2 percent to 13,806 crores, thanks to a 57 percent increase in revenue from refining.

Reliance Industries Ltd. (RIL) reported a 4.2 percent increase in first-quarter net profit to 13,806 crores on Friday, as greater price realization in the oil to chemicals (O2C) sector helped push a 57 percent increase in overall revenue.

RIL stated in a release that revenue climbed to 1,58,862 crore from 1,00,929 crore a year ago, helped by a doubling of income from the Oil & Gas sector due to incremental production from the KG D6 block, as well as higher revenue from the Jio and Retail divisions.

In a statement, CMD Mukesh D. Ambani said, “Despite facing an extremely tough operational environment created by the second wave of the COVID epidemic, our firm has produced solid growth.” “The results… clearly reflect the durability of Reliance’s broad portfolio of companies that serve a wide range of consumer needs.”

Jio Platforms Ltd. reported a 44.9 percent increase in consolidated net profit to 3,651 crores, with services revenue up 9.8 percent to 22,267 crores. As of June 30, the telecom segment had 440.6 million customers. During the quarter, total data traffic increased by 38.5 percent to 20.3 billion GB.

Mr. Ambani said, “Jio has delivered again another record quarterly performance with industry-leading operating indicators.”

Retailers are being affected by COVID restrictions.

RIL was focused on guaranteeing supply through a combination of online and offline channels, despite COVID-related constraints affecting the Retail unit’s operations and profitability, he added.

Mr. Ambani stated, “I am sure that the retail industry is set to produce exponential value and development.”