Reliance Industries reported its best ever quarterly performance with a consolidated PAT of INR 185bn ($2.5bn), up 42% YoY during its Q3 2022 results end-December 2021. Gross revenues were up 52% YoY at INR 209bn ($28.2bn) and EBITDA came in at INR 339bn ($4.6bn), both metrics at record highs. The strong performance was on the back of record revenues and EBITDA at both its consumer businesses – Retail and Digital services businesses. Its O2C business that houses oil refineries, petrochemical plants and fuel retailing business saw revenues grow 57% to INR 1314bn ($17.7bn), helped by higher crude prices, volumes and better realizations. Its Jio (telecom) business achieved gross revenues of INR 242bn ($3.2bn) with its ARPU up 5.6% QoQ to INR 151.6 ($2.04) per subscriber per month. Retail grew 52.5% to INR an all-time high of INR 577bn ($7.8bn).
Reliance’s dollar bonds were flat with its 2.875% 2032s at 97.86, yielding 3.13%.
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