Reliance Industries on Friday announced a 10.9% sequential increase in revenue from its petroleum-to-chemical (O2C) business to Rs 1.46 lakh crore for the January-March period, beating Street’s estimates.
Jhe group said its strong O2C performance was despite macro challenges caused by the Omicron wave, high energy prices and disruptions from the Russian-Ukrainian conflict.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the O2C unit stood at Rs 14,241 crore for the quarter ended March, compared to Rs 13,530 crore for the October-December period, according to a regulatory filing .
Its EBITDA margin was 9.8% for the January-March period, compared to 10.3% for the previous quarter.
The oil-telecom conglomerate said its gross revenue for the year ending March 2022 rose 47% on an annual basis to Rs 7,92,756 crore, crossing the $100 billion mark.
“Despite the ongoing challenges of the pandemic and the intensification of
uncertainties, Reliance delivered a strong performance in fiscal year 2021-22,” said Mukesh Ambani, President and CEO of Reliance Industries.
“Our O2C business has proven its resilience and demonstrated a strong recovery despite the volatility in the energy markets. Our relentless focus on customer satisfaction and service has led to higher engagement and increased footfall, driving strong revenue and profits in our consumer businesses,” he said. mentioned.
Reliance Industries said its O2C business contributed 52% of incremental EBITDA in fiscal 2021-22.
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Oil and Gas (Exploration and Production)
Revenue from the conglomerate’s oil and gas business stood at Rs 2,008 crore, up from Rs 2,559 crore for the previous three months, according to the filing. The unit’s EBITDA for the January-March period was Rs 1,556 crore, compared to Rs 2,033 crore for the previous quarter.
Oil and gas EBITDA margin for the fourth quarter of fiscal year 2021-22 was 77.5%, compared to 79.4% for the prior quarter.
The company saw a turnaround in its upstream business, with its annual EBITDA reaching 5,457 crore rupees ($720 million) – the highest in seven years, according to the filing.
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First post: STI