Mumbai: Mukesh Ambani-led Reliance Industries (RIL) reported a 7.2% dip in its first-quarter consolidated net profit to Rs 12,273 crore, despite robust growth in digital and Oil-to-Chemicals (O2C) business, offsetting the weakness in the retail business due to the second wave of COVID-19 pandemic.


The fall in profits was reported on a 57.4% jump in sales to Rs 158,862 crore during the quarter. The previous year's results benefited from a one-time gain due to BP's investment in the retail petroleum business.


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On a standalone basis, RIL reported a 7.5% fall in its net profits to Rs 8595 crore despite 81% growth in revenues to Rs 94,803 crore.


Jio Platforms, the telco arm of RIL, reported a 44.9% growth in its profits to Rs 3651 crore on 9.8% growth in services to Rs  22,267 crore. During the quarter, the company added 42.3 million customers to take the total number of customers to 440.6 million as of June 30. Jio's ARPU during the quarter stood at Rs 138.4 per subscriber per month.


The O2C business reported 75.2% growth in revenues to Rs 103,212 crore primarily because of a sharp increase in product prices on the back of higher crude prices. The EBITDA for O2C business improved by 49.8%  to Rs 12,231 crore ($ 1.6 billion), primarily on a rebound in transportation fuel cracks to 4-6 quarter highs.


Reliance Retail's net profits surged 123.2% to Rs 962 crore on 21.9% growth in sales to Rs 38,547 crore during the quarter.


Commenting on the results, RIL chairman Mukesh Ambani said, "I am happy that our company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic. The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance's diversified portfolio of businesses that cater to large parts of the consumption basket. In our O2C business, we generated strong earnings through our integrated portfolio and superior product placement capabilities. Along with our partner bp, we commissioned the satellite cluster in KG D6 and continued to ramp up production, contributing to 20% of gas production in India. This will be a major contribution to our country's energy security."


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Exports from RIL's India operations increased by 71.8% to Rs 56,156 crore ($ 7.6 billion), mainly due to higher price realizations despite lower volumes.


RIL's capital expenditure stood at Rs 16,684 crore ($ 2.2 billion).  Besides, the company spent Rs 29,276 crore ($ 3.9 billion) towards the acquisition of spectrum by RJIL.


Ahead of the results, RIL shares on BSE closed down 0.74% at Rs 2105.2 in a firm Mumbai market on Friday, valuing the company at Rs 13,34,579.5 crore, India's most valued.