In the second quarter of 2021, India’s Reliance Industries Ltd. (RIL) saw its profit soar.
Consolidated net profit posted a jump of 43%. Net profit was at INR13,680 crore (USD1.82 billion) against INR9,567 crore in the corresponding period of 2020. Operating revenue skyrocketed by 48.05% year-on-year to INR178,328 crore (USD23.75 billion).
On a quarterly basis, the growth of net profit was 11.46% from the previous quarter’s INR12,273 crore (USD1.63 billion).
The group’s oil-to-chemical (O2C) business scored the fifth straight quarter of growth on the back of demand recovery. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was up by 4% quarter-to-quarter and 43.9% annually to INR12,720 crore (USD1.69 billion).
Reliance’s oil and gas segment’s revenues expanded massively by 363% year-on-year to INR1,644 crore (USD218.98 million) with segment EBITDA of INR1,071 crore (USD142.65 million). The results were prompted by the beginning of production from satellite cluster fields in the KG-D6 block, bringing the total output to 18 million m3/d.
