Reliance Industries’ revenue in India has increased by 49 percent

Reliance Industries Limited (RIL), India’s leading corporation by market capitalization, reported a 49.2% increase in revenue to 191,532 crore in the second quarter of FY22 compared to the same period previous fiscal. Improved operation hours and footfalls, as well as the relaxing of lockdowns and the ramp-up of omni-channel offers, have enhanced retail sector sales during the last three months.
Reliance Retail’s revenue climbed 10.5% to Rs 45,426 crore (Q2 FY21: Rs 41,100 crore). The company re-established its growth momentum in clothing and accessories, with sales exceeding pre-COVID levels. “As the pandemic recedes, I am glad to report that Reliance delivered a great result in Q2 FY22.” This illustrates our companies’ intrinsic capabilities as well as the solid revival of the Indian and global economies. “All of our businesses have grown over pre-COVID levels,” said Mukesh Ambani, chairman and managing director of RIL.
“Reliance Retail continues to thrive as a consequence of the explosive growth of both physical shops and digital products, leading in good revenue growth and margin expansion,” Ambani added. The intermediate and polyester divisions also performed exceptionally well in the quarter. Prices for PTA (purified terephthalic acid) climbed by 78% year on year (YoY), in line with firm PX (paraxylene) prices. According to the company, MEG (monoethylene glycol) prices increased by 52% in line with higher feedstock prices, while margins rose by 27% year on year to $238/MT due to strong polyester demand.
Furthermore, with an increase in manufacturing activity across the country, domestic markets have been revitalised. Domestic polyester demand climbed by 39% year on year, owing to strong retail demand and higher downstream operational costs. “We are making good progress in expediting our entry into the new energy and new materials business.” Our collaboration strategy, as well as our goal to move India to the forefront of the global shift to clean and green energy, is exemplified by our recent investments in several of the world’s greatest solar and green energy companies. We welcome our new collaborators on this exciting adventure to cocreate green energy technologies that secure a sustainable future for our environment and more equitable development for the people of India and the rest of the globe.