Tag: Reliance Industries Ltd

The key factors why Jefferies sees a potential upside of 39% on Reliance Industries

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Shares of Reliance Industries made another 52-week low of Rs 2,183 during Monday’s trading session. The stock is down for the eighth straight day, its longest losing streak since December 2014.

However, brokerage firm Jefferies believes that the recent correction has brought the stock’s valuations to a 6 percent discount to its long-term average price-earnings ratio (P/E).

Jefferies reiterated its buy recommendation on Reliance Industries with a price target of Rs 3,100. The price target has a potential upside of 39 percent from current levels.

The firm said that it sees limited downside to RIL’s earnings and also little value being ascribed to the company’s new businesses (e-commerce, green energy, FMCG, financial services and new petrochemical investments) at its current market price.

Jefferies noted that the recent fall in the stock price has been triggered by some key concerns raised by investors like slower growth in the retail segment despite rapid floor space addition, large rise in capex, and rising debt level.

However, it said that RIL will focus on improving the efficiency of this large floor space that should aid growth and operating leverage over the next two financial years.

“We project 30 percent core revenue growth and 25 percent EBITDA (earnings before interest, tax, depreciation and amortisation) growth in FY24E. Capex run rate should peak out over FY23-24E,” Jefferies said in its note dated March 16.

RIL’s net debt-to-equity ratio is also near a 22-year low, indicating that the company’s balance sheet is in a comfortable position to fund growth.

The firm sees little risk to its 7 percent year-on-year operating profit growth estimate in the next financial year. “Falling energy prices have opened up room for removal of export duty that should remove a regulatory overhang,” the note said.

Tariff hike, acceleration in retail throughput and removal of export duty and China’s demand recovery are triggers for any potential upside.

Shares of Reliance Industries are trading 1.3 percent lower at Rs 2,194.25.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Strategic Business Ventures buys 23.3% stake in US-based Exyn Tech for $25 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), on Thursday, December 22, said it has acquired a 23.3 percent stake in Exyn Technologies Inc for $25 million. RSBVL and Exyn have also entered into a strategic partnership agreement for technology collaboration and commercialisation of Exyn’s technology. Exyn is an early-stage technology company, incorporated in Delaware in 2014, with headquarters in Philadelphia, Pennsylvania, United States of America.

Exyn Technologies is pioneering multi-platform robotic autonomy for complex, GPS-denied environments. The company’s full-stack solution enables flexible deployment of single or multi-robots that can intelligently navigate and dynamically adapt to complex environments in real time, it said.

Also Read: Google-parent Alphabet links more of CEO Sundar Pichai’s pay to performance

Exyn is a leading autonomy technology company which enables drones or robots to navigate difficult terrains without GPS or other navigation technologies.

The turnover of Exyn for CY 2021, CY 2020, and CY 2019 was $4.32 million, $1.83 million and $0.16 million, respectively.

The investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety and security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation, the company said.

Also Read: Netflix plans to end password-sharing feature in early 2023, suggest reports

No governmental or regulatory approvals were required for the investment. The investment does not fall within related party transactions and none of RIL’s promoter or group companies have any interest in the transaction, it added.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RIL files contempt plea in Supreme Court against Sebi in two-decade-old case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Industries Limited (RIL) has filed a contempt plea in the Supreme Court against the Securities and Exchange Board of India (Sebi), alleging “wilful disobedience” of a court ruling to provide it with documents regarding a two-decade-old stock allotment case, the ET reported.

Reliance requested the apex court registrar to seek an urgent hearing of the matter before the Chief Justice of India, NV Ramana, on August 22.

According to the ET report, Sebi was planning to file a review petition against the August 5 Supreme Court order that allowed RIL to access copies of the first and second opinions given by Justice (retired) BN Srikrishna and the two-decade-old report of YH Malegam.

As per reports, after SC’s direction, RIL sought documents from Sebi twice but the regulator delayed by saying it was seeking legal advice from senior counsel.

“Being a quasi-judicial body, the constitutional mandate of Sebi is to act fairly, in accordance with the rules prescribed by law. The role of a regulator is to deal with complaints and parties in a fair manner and not to circumvent the rule of law for getting successful convictions. There is a substantive duty on the Regulators to show fairness, in the form of public cooperation and deference,” the court had observed on August 5.

Also Read: Patra Chawl land scam: PMLA court extends Sanjay Raut’s custody till September 5

These documents relate to a 2002 complaint filed by S Gurumurthy with Sebi alleging RIL associate companies and directors fraudulently allotted shares to entities connected with the promoters. 

RIL had moved to the top court after the Bombay High Court had rejected its plea to access these documents. In 2020, Sebi had moved Mumbai’s civil and sessions court seeking prosecution, which the court rejected, citing delay in acting on the 2002 complaint.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Retail Q1 net zooms 114%, 792 new stores launched in June quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Retail Ventures, the retail arm of Reliance Industries Ltd (RIL), on July 22 reported a 114.2 percent year-on-year (YoY) jump in net profit at Rs 2,061 crore for the first quarter ended June 30, 2022.

The company’s gross revenue stood at Rs 58,554 crore for the first quarter, registering a growth of 51.9 percent YoY. The cash profit for the quarter was Rs 2,873 crore, higher by 105.2 percent YoY.

The business posted an operating EBITDA (Earnings before interest, taxes, depreciation, and amortisation) of Rs 3,897 crore, up 180.4 percent YoY with a 350-bps improvement in the margin at 7.6 percent, compared to 4.1 percent in the corresponding quarter of the previous year.

This was led by higher contribution from fashion & lifestyle and consumer electronics and growing operating leverage over the previous year across consumption baskets.

Also read: Reliance Industries likely to clock 50% jump in quarterly profit powered by oil-to-chemicals unit

The business continues to seize the large market opportunity in the country by expanding its presence across geographies. With 792 store openings in the quarter, the spread of 15,866 stores — with an area of 45.5 million square feet — covers all corners of the country, the company said.

Reliance Retail has added over 17,000 jobs during the first quarter of FY23. The total employee count stands at 3,79,000.

Commenting on the results, Mukesh D. Ambani, Chairman, and Managing Director of Reliance Industries Ltd said, “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins.”

“I am also happy with the progress of our consumer platforms. In the Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers,” he said.

“Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures. Customer engagement on our Digital Services platform remains high,” Ambani added.

Jiomart

With a presence in 268 cities, Jiomart is the largest hyperlocal platform in the country and is extending its geographical reach and product offerings to drive orders.

Also read: Reliance Jio net jumps almost 24% in June quarter than last year

Daily subscription orders through Milkbasket have doubled over last year as the service is ready for rollout to newer geographies. JioMart Digital continues to scale up its merchant partner network and operations with revenues up over 3x over the trailing quarter.

Reliance Jewels

The company delivered a strong quarter with revenues up nearly 3x over last year driven by strong festive sales, wedding season, and network expansion. Leveraging the design capabilities that it has built over time, the business launched 5 new collections during the quarter.

With Amante, Clovia, and Zivame as part of its portfolio, Reliance now caters to all the price segments across the lingerie business. The lingerie business grew nearly 5x Y-o-Y as the businesses scaled up their online offering and offline distribution.

In the luxury or premium brands, the business grew 5x over last year driven by fully operational mall stores and in-store events. The business through AJIO Luxe scaled up 6x over last year with the presence of nearly 400 brands and 38,000 options on the platform.

Franchise Agreement

The company signed a master franchise agreement with GAP Inc, Tod’s, and Pret A Manger. In addition, Reliance Retail has acquired Catwalk, a leading women’s footwear brand, and has acquired the India franchise rights for Sunglass Hut, a multi-brand premium eyewear retailer. It also formed a joint venture with Plastic Legno SPA’s by acquiring a stake in the toy manufacturing business in India.

Also Read: Bandhan Bank first-quarter profit zooms to Rs 886.5 crore on higher net interest income

In the merchant partner business, the platform added 660 new brands as it continued to strengthen its product offering. It introduced 14 new own brands during the quarter increasing the share of its own brands to 30 percent, an increase of 300 bps over last year.

The digital commerce platforms continue to grow from strength to strength with daily orders up 64 percent YoY. Digital and new commerce grew 2x over last year and contributed about 19 percent of gross revenue.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RIL deepens commitment to Indian athletics with focus on girls, expands partnership with AFI 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Industries Ltd (RIL) and the Athletics Federation of India (AFI) on July 14 announced a long-term partnership to enable the holistic growth of athletics in India.

Reliance Foundation, the philanthropic arm of RIL, has been a dedicated partner to AFI over the years, and now the partnership is set to deepen the engagement between the two organisations.

The partnership aims to discover, nurture and develop Indian athletes from across the country and provide them with world-class facilities, coaching and sports science and medicine support by leveraging the Reliance Foundation ecosystem, including the Odisha Reliance Foundation Athletics High-Performance Center and Sir HN Reliance Foundation Hospital, the company said in a press release.

Also read: Neeraj Chopra eyes World Championship glory at Oregon

RIL said, “In line with the larger vision of the organisation, this partnership will have a special focus on girl athletes and aim to bridge the gender divide and enable them to achieve their dreams.”

As AFI’s principal partner, the Reliance brand will appear on the national team’s jerseys and training kits at key national, international competitions and training camps, it added.

Nita M. Ambani, IOC Member, and Director of RIL said, “We are delighted to expand Reliance Foundation’s partnership with the Athletics Federation of India.

Also Read: Why some sporting bodies need to look beyond tactical brand partnerships

“Athletics is one of the most popular disciplines in global sport, and this association aims to accelerate the growth of Indian athletics by providing opportunities and world-class facilities to our young talent, with a special focus on girls,” Ambani said.

“With access to the right infrastructure, training, and support, I’m sure we will see many more of our young athletes on victory stands around the world! This partnership is also an important step towards our dream of strengthening the Olympic Movement in India,” she added.

Adille Sumariwalla, President of the Athletics Federation of India, said they are thankful to Nita Ambani and Reliance Industries, with whom AFI has been working closely over the last few years, for their support as principal partner.

Also Read: Netflix to rely on Microsoft for its ad-backed video service

“We have seen our athletics contingent grow at international events, and with a committed partner in Reliance Industries, we are very sure that, soon, we will see an increase in participation and international success across multiple disciplines. The partnership will focus on holistic development, building a strong talent pool and potential medal winners who will make India proud in the years to come,” Sumariwalla added.

Since 2017, Reliance Foundation has invested in the development of athletics through the Reliance Foundation Youth Sports program, reaching more than 5,500 educational institutes in 50+ districts across the country.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Brands to buy 40% in Plastic Legno to strengthen India’s toy manufacturing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Brands Ltd (RBL), the brand licensing arm of Mukesh Ambani-led Reliance Industries, on Wednesday said it will acquire a 40 percent stake in Italy-based Plastic Legno’s toy manufacturing business in India.

RBL has a strong play in India’s toy industry with its portfolio of Hamleys, the British toy retailer and homegrown toy brand Rowan, making RBL one of the leading toy distributors. In 2019, RBL marked its first international foray by acquiring the British toy retailer, Hamleys. Hamleys has a global footprint across 15 countries with 213 doors and is India’s largest chain of toy stores.

As per a joint statement, the investment by RBL serves a dual purpose, bringing in vertical integration for RBL’s toy business and helping diversify the supply chain with a long-term strategic interest in building toy manufacturing in India, it said.

Also Read: Black Dog and Bagpiper maker United Spirits in talks with states to hike liquor prices amid high inflation

“Keeping with our Prime Minister’s vision of Atmanirbhar India, this collaboration with Plastic Legno’s deep experience in world-class toy manufacturing coupled with our strong footing in the global toy retail industry would open new doors and unparalleled opportunities for toys manufactured in India,” said a spokesperson of RBL.

“It is imperative for RBL to build design to shelf capability for a strategic advantage over the competition and to be an accelerator in building a robust toy manufacturing ecosystem in India not only for domestic consumption but also for global markets,” said the spokesperson of Reliance Brands Ltd.

Plastic Legno is owned by the Sunino Group, which boasts more than 25 years of toy production experience in Europe. The group started its India business in 2009 out of a need to develop a strong production hub that would cater to global markets, but more importantly to the fast-evolving and growing Indian market.

Also Read: Tax department conducts search operations at Embassy Group on alleged tax evasion

After the deal, Paolo Sunino, co-owner, Sunino Group, said the group has “important development plans to implement, always in the spirit of creating a cultural background in this specific sector in India”.

“We are ready for the challenges of the future, but when there is a group like RBL alongside, we are sure that together we can do a great development,” Sunino said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Jio posts net profit of Rs 4,173 crore, largely in line with estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), on Friday reported a net profit of Rs 4,173 crore for the fourth quarter of the 2021-22 financial year that ended on March 31, 2022. A CNBC-TV18 poll had predicted a net profit of Rs 4,400 crore for the quarter under review.

India’s largest telecom operator has reported earnings before tax, depreciation, and amortisation (EBITDA) at Rs 10,510 crore versus an expectation of Rs 10,500 crore. The EBITDA margin came in at 50.3 percent percent versus the poll reading of 50.5 percent. Cash profit for the year was Rs 34,639 crore, a growth of 21.6 percent, the company said, adding that this figure stood at Rs 9,623 crore for the quarter (up 24 percent)

Nitin Soni, Senior Director of Corporates at Fitch Ratings, said the results were in line with their expectations. “Given the fact that revenue and EBITDA have increased and margins are at all-time high shows that there must have been some subscribers mostly at the expense of Vodafone-Idea,” Soni said.

ARPU

The average revenue per user (ARPU), too, is in line with expectations coming in at Rs 167.6 versus an expectation of Rs 167.5, as per CNBC-TV18 poll. This was an increase from the Rs 151.5 ARPU reported in the previous quarter. The gross revenue for the quarter was Rs 20,901 crore, down from Rs 24,176 crore reported in the December quarter. The gross revenue was slightly higher than the poll estimate of Rs 20,800 crore.

The fourth quarter of the 2021-22 financial year saw Reliance Jio’s subscriber base fall to 410.2 million, down 11 million from the previous quarter. The total data traffic was 91.4 billion GB for the year, a 46.3 percent growth, and 24.6 billion GB during the quarter (up 47.5 percent). The total voice traffic stood at 4.51 trillion minutes during the year, up 17.9 percent, 1.2 trillion minutes during the quarter in review, a 16.8 percent improvement.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance invests $40 million in Altigreen along with 4 Venture Capital Funds

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Industries Ltd (RIL)  arm Reliance New Energy Ltd along with Sixth Sense Ventures has invested $40 million in EV manufacturer Altigreen. This investment is in line with Reliance’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystem.

The Series A round also saw participation from Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore.

The funds will be used to launch new products including Light Commercial Vehicles (LCVs), ramp up production capabilities, accelerate R&D, fast-paced EV adoption and develop a robust pan-India network to offer the cleanest last-mile transportation solutions in India, the startup said in a statement.

Also Read: Delhi govt to build electric vehicle charging stations at all state-run offices

“Altigreen fits perfectly well into the Sixth Sense philosophy of backing first-generation Founders, disrupting large categories ($7 billion+ of last-mile logistics opportunity) for the consumer of tomorrow (EVs emerging as the future of mobility). Further, we draw comfort with Altigreen’s primary focus on the 3W segment within the EV space – which fundamentally is less cluttered and under-penetrated, as well as benefits multiple stakeholders in the value chain (from e-commerce players to consumers),” said Nikhil Vora, founder and CEO of Sixth Sense.

Altigreen has developed an E3 vehicle and its vehicles are built in-house on a 100 percent indigenous mobility platform. It currently has a presence in 60 countries with 26 global Patents.

This investment comes after, the Central government in Union Budget 2022 announced that it is planning to come out with a battery swapping policy with inter-operability standards for Electric Vehicles (EVs) and also stated that the government will be developing special mobility zones for electric vehicles.

Also Read: Electric car maker Tesla recalls 579,000 US vehicles over pedestrian warning risk sounds

Niti Ayog’s Amitabh Kant had also told CNBC-TV18 that the Union Budget 2022 looks at sunrise sectors of growth. “India needs to go green and that is what this Budget pitches for. It pushes for urbanisation, clean electricity, clean mobilization.”

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Jio Q3 results: Net profit at Rs 3,615 crore, ARPU at Rs 151.6; beats estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), on Friday reported a net profit of Rs 3,615 crore for the third quarter ended December 31, 2021.

In the corresponding quarter last year, the company posted a net profit of Rs 3,489 crore. CNBC-TV18 Polls had predicted a profit of Rs 3,451 crore for the quarter under review.

ARPU

The average revenue per user (ARPU) has beaten expectations coming in at Rs 151.6 versus an expectation of Rs 143.60, as per our poll. The gross revenue for the quarter was Rs 24,176 crore, higher by 13.8 percent (adjusted for Interconnect Usage Charges (IUC)). The cash profit for the quarter was Rs 8,747 crore, a growth of 14.7 percent.

Also Read: RIL Q3 Results: Oil and gas revenue jumps 250 percent QoQ to record Rs 2,559 crore

India’s largest telecom operator has reported an EBITDA at Rs 9,514 crore versus an expectation of Rs 9,367.5 crore. The EBITDA margin comes at 49.2 percent versus the poll reading of 48.5 percent.

The third quarter of FY22 saw Reliance Jio’s subscriber base at 429.5 million, with 10.2 million new customers. The total data traffic was 23.4 billion GB during the quarter; a 47.8 percent growth YoY. Total voice traffic was 1.15 trillion minutes during the quarter; 17.9 percent growth YoY.

JioPhone Next

Jio and Google announced the launch of JioPhone Next during the quarter. This is the most affordable smartphone anywhere in the world with an entry price of only Rs 1,999 and the rest paid via easy EMI over 18/24 months. A unique financing option like this is introduced for the first time for a device in this category, making it accessible for a much wider set of consumers, the company said.

Wireline Customers

The company now has over 5 million connected wireline customers and has been consistently enriching its FTTH product with new apps on STB, Society Centrex, 4K content on JioTV+, Home Secure, Home Automation, LiveTV and Gaming solutions.

5G Network

Data-driven network planning for Jio’s 5G network is underway based on targeted customer consumption and revenue using Heat maps, 3D maps, and Ray tracing technology for precise coverage planning to target high consumption and high perception locations.

5G coverage planning has been completed for 1,000 top cities across the country. Jio has been doing trials on advanced use cases across Healthcare and Industrial Automation on its 5G network.

NPCI

It has partnered with the National Payments Corporation of India (NPCI) for the UPI auto-debit facility for its customers. This will enable Jio customers to set standing instructions on the MyJio app using UPI Autopay for their preferred tariff plans and a seamless recharging experience.

Jio has prepaid Rs 30,791 crore clearing all deferred spectrum liabilities acquired in auctions prior to March 2021 which will result in an interest cost saving of Rs 1,200 crore annually, the company said.

“Jio undertook a 20 percent hike across prepaid plans. The full impact of a tariff hike to be reflected in ARPU and financials over the next few quarters,” the company said.

Mukesh D. Ambani, chairman and managing director, Reliance Industries Ltd, said, “I am happy to announce that Reliance has posted best-ever quarterly performance in 3Q FY22 with strong contribution from all our businesses. Both our consumer businesses, Retail and Digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth.”

Also Read: Reliance Retail Q3 Results: Revenue jumps record 52.5% to Rs 57,714 crore beating street estimates

Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad-based, sustainable, and profitable growth through improved customer engagement and subscriber mix.”

The results came after the close of the market hours. Shares of RIL ended at Rs 2,478.10, down by Rs 0.70, or 0.028 percent on the BSE. The headline Nifty50 index ended 0.8 percent lower at 17,617.2, extending losses for the fourth day in a row.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Retail buys 25.8% in Dunzo for $200 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow