Reliance Industries Ltd (RIL) posted a consolidated net profit of Rs 18,549 crore for the quarter ended 31 December, 2021 (Q3FY22), reflecting an increase of 41% from Rs 13,101 crore reported in the year-ago period.

RIL’s revenue from operations rose 54% to Rs1.91 lakh crore for the reporting quarter as compared to Rs 1.23 lakh crore in the same period last year.

The company reported an EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 33,886 crore during the third quarter, higher by as much as 30%.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited 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.”

For oil-to-chemicals (O2C) segment, the revenue for third quarter increased by 57% to Rs 1.31 lakh crore, primarily on account of increase in crude oil prices and higher volumes. This segment EBITDA for 3Q FY22 improved by 38.7% Y-o-Y to Rs 13,530 crore ($ 1.8 billion) primarily on account of better transportation fuel cracks and higher polyester chain delta. EBITDA margin for the quarter declined by 130 bps Y-o-Y to 10.3%. This was primarily due to base effect driven by higher feedstock and product prices.

“The recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings. Our Oil & Gas segment delivered strong growth in EBITDA with volume growth and improved realization,” Ambani added.

“We are making steady progress towards achieving our vision of Net Carbon Zero by 2035. Our recent partnerships and investments in technology leaders in the solar and green energy space is illustrative of our commitment to partner India and the World in the transition to clean and green energy. We continue to pursue growth initiatives and collaborate with global leaders who share our vision of a sustainable future for our planet,” he said.