Reliance Industries Limited has achieved 2Q FY21 revenue of Rs. 128,385 crore ($17.4 billion) as compared to Rs. 100,929 crore in the trailing quarter.  The increase in revenue was primarily due to higher price realizations in the O2C segment, strong recovery in Retail operations and sustained subscriber addition with improvement in ARPU in Digital services business.  Exports (including deemed exports) from RIL’s India operations increased by 5.6% to Rs. 34,501 crore ($4.7 billion) as against Rs. 32,681 crore in the trailing quarter due to higher price realizations despite lower export volume. EBITDA increased by 7.9% to Rs. 23,299 crore ($3.2 billion) from Rs. 21,585 crore in the trailing quarter, led by EBITDA margin improvement across businesses.  Profit after tax (pre-exceptional) grew sharply by 28% Q-o-Q at Rs. 10,602 crore ($1.4 billion) as against Rs. 8,282 crore in the trailing quarter. Outstanding debt as on 30th September, 2020 was Rs. 279,251 crore ($37.9 billion). Cash and cash equivalents as on 30th September, 2020 were at Rs. 185,711 crore ($25.2 billion). Funds received post quarter-end and balance capital commitment receivables are in excess of quarter-end Net Debt levels.  The capital expenditure for the half-year ended 30th September, 2020 was Rs. 28,332 crore ($3.8 billion) including exchange rate difference. In the petrochemical sector segment, revenue increased by 17.8% Q-o-Q with higher prices across product portfolio and higher volumes. PP, PE and PVC prices strengthened by 13%, 17% and 25% Q-o-Q respectively due to tight supply with regional turnarounds and improvement in demand. With increase in feedstock prices, PX prices firmed 10% Q-o-Q while PTA and MEG prices increased by 4% and 10% respectively.  Naphtha prices increased by 56% Q-o-Q following crude prices and healthy demand. Cracking margins for Reliance improved Q-o-Q due to feedstock mix and favourable economics for ethane cracking. RIL crackers operated at near 100% utilisations during the quarter. Revenues in Refining & Marketing for 2Q FY21 increased by 33.3% Q-o-Q to Rs. 62,154 crore primarily due to higher crude oil price. Dubai crude price averaged at $42.9/bbl during the quarter v/s $30.5/bbl in 1QFY21, up 40.5% Q-o-Q. Revenues for Oil & Gas (Exploration & Production) Business 2Q FY21 declined by 29.8% Q-o-Q to Rs. 355 crore primarily due to lower price realisation and decline in production.  Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries said, “We delivered strong overall operational and financial performance compared to previous quarter with recovery in petrochemicals and retail segment and sustained growth in Digital Services business. Domestic demand has sharply recovered across our O2C business and is now near pre-Covid level for most products. Retail business activity has normalised with strong growth in key consumption baskets as lockdowns ease across the country. With large capital raises in the last six months across Jio and Retail business, we have welcomed several strategic and financial investors into Reliance family. We continue to pursue growth initiatives in each of our businesses with a focus on the India opportunity.”

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