Indian conglomerate Reliance Industries Ltd (RIL) reported a consolidated net profit of INR 180.21bn ($2.4bn) in Q1 2022, 20.2% higher than the previous year, on strong operating performance and lower finance costs. Gross revenues for the quarter were at INR 232.5bn ($30.7bn), higher by 35.1% YoY, led by Oil to Chemical (O2C) and Retail businesses. All operating segments contributed to EBITDA growth by 28% YoY to INR 339.68bn ($4.5bn). In Q1, RIL’s arm Jio Platforms Ltd (JPL), saw its revenues rise 21% to INR 261.39bn ($3.4bn) and profit by 22.9% to INR 43.13 (569mn) YoY. Jio’s average revenue per user (ARPU) came in at INR 167.6 ($2.18) per subscriber per month, up 21.3% annually. Jio had a total customer base of 410.2mn and total data traffic was 24.6bn GB in Q1, a 47.5% increase YoY.  RIL’s net debt stood at INR 348.15bn ($4.5bn) “reflecting refinancing of high-cost spectrum liabilities of INR 307.91 ($4bn) with cost-effective market borrowings”. The oil & gas and chemicals segments thrive on higher crude oil and natural gas prices. Mukesh Ambani, CMD, RIL said “The retail business has crossed the 15k store benchmark. JioFiber is the largest broadband provider in India within two years of launch. The oil and Gas business is contributing 20% of domestic gas production. RIL is developing a New Energy Giga Factories complex across 5,000 acres in Jamnagar.”

RIL’s dollar bonds were trading weaker, its 3.75% 2062 down over 1.2 points to 75.83 yielding 5.19%.

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