Reliance puts up an okay show 😶

Reliance puts up an okay show 😶

For the second quarter, revenues looked healthy, above the market’s expectations, but profits took a hit, as Ambani calls out a “complex and challenging operating environment”.

Quick look at the important stuff:

  • Made ₹1.4 lakh crores in total (big bump from same time last year), BUT, profits tanked 7.2% YoY to ₹12.3K crores
  • Oil-to-chemicals made nearly ₹1 lakh crores, 75% up YoY
  • Retail revenues, up 19% YoY
  • Jio platforms, largely unaffected by COVID — added 14.3 million new subs

Management says the old school oil-to-chemicals business is already back to pre-COVID levels of demand and profitability, but with consumer footfall still trending low, the retail empire is gonna be choppy short term.

Markets weren’t too enthralled — but everyone deserves a pass for once.