Retail, telecom and other new businesses begin to shine for RIL

NEW DELHI: Though its legacy business — oil-to-chemical (O2C) operations — continues to rake in big moolah for Reliance Industries, it has made rapid progress in expanding its new age businesses.
The O2C segment accounted for 63% of the group’s total income in second quarter, and revenue from this business increased by a whopping 58.1% Y-o-Y to Rs 120,475 crore during the quarter. However, Reliance’s new businesses are slowly but surely coming up on their own.

The other Reliance vertical that witnessed surge in profit and revenue during the quarter was its fast-growing retail empire. Reliance Retail’s gross revenue during the quarter was recorded at Rs 45,426 crore, a growth of 10.5% Y-o-Y and higher than Pre-Covid period. Net Profit for this segment during the quarter came in at Rs 1,695 crore, higher by 74.2%. This growth in topline and bottomline came even as footfalls in the quarter only recovered to 78% of pre-Covid levels. The company reported adding 813 new stores in the quarter, showing confident in future growth prospect. Additionally, its digital and new commerce platform grew 2.4x Y-o-Y.