RIL Q1 net profit surges 46% YoY to Rs 17,955 crore; revenue jumps 57%

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit (attributable to the company’s owners) of Rs 17,955 crore for the quarter ended June 30, 2022 (Q1), up 46.3 per cent over the year-ago period, but fell well short of expectations.

A poll of analysts by Bloomberg had estimated net profit at Rs 21,615 crore in Q1.

The oil-to-telecom conglomerate’s gross sales for the quarter came in at Rs 2.43 trillion, up 53 per cent over the year-ago period. Excluding goods and services tax and excise duty, net sales surged 56.7 per cent year-on-year (YoY) to Rs 2.19