India’s energy to digital conglomerate Reliance Industries Ltd. (RIL) announced its consolidated results for the quarter ended June 30, 2021 in which it posted a record high consolidated EBITDA of INR 275.5bn ($3.7bn), up 27.6% YoY, of which digital services contributed a record of INR 92.7bn ($1.24bn). The company generated a revenue of INR 1.59tn ($21.3bn) during the quarter, up 57.4% YoY. Profit before tax stood at record INR 172.7bn ($2.3bn) and the net profit after tax stood at INR 138.1bn ($1.85bn), up 66.7% YoY with an EPS of INR 19/share ($0.26/share), up 46.7%. The strong numbers were driven by oil to chemicals (O2C) and digital services. Standalone net profits for RIL stood at INR 85.95bn ($1.2bn), up 76.3%, for Jio Platforms stood at INR 36.5bn ($491mn), up 44.9% and for Reliance Retail stood at INR 9.6bn ($129mn), up 123.2%. Jio Platforms reported an addition of 42.3mn (~10%) customers taking its total customer base to 440.6mn. Reliance Retail reported the addition of 123 stores, taking the total to 12,803 stores. The company also reported the strategic partnership with Abu Dhabi National Oil Company (ADNOC) to capitalize on strategic industrial raw materials and an agreement with Bharti Airtel for the acquisition of rights to use a band of its spectrum. The company is also collaborating with Google to develop 5G technology and a smartphone ‘JioPhone Next’.
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