Reliance, India’s biggest company, owned by India’s richest man, has had a once in a lifetime growth surge this year, raising money left and right and achieving new milestones every week. Now, it looks like the trend has extended to Q3 as well, as the company went on to report $17.4 billion in revenue, witnessing a 27% growth over last quarter. Moreover, it also reported that its telecom arm, Jio Infocomm, has reached 400 million subscribers in just one country, the first one of its kind (outside of China) to achieve this landmark.

The company notes that consolidated EBITDA grew by 7.9% to $3.2 billion. Moreover, the consolidated PAT (Profit After Tax) before exceptional item stood at $1.4 billion, higher by 28%.

Out of all this, the consumer business contributed 49.6% of the consolidated segment EBITDA, bringing in $8.7 billion in revenue. Retail business accounted for $5.6 billion of the total revenue, growing by 30% over the quarter, thanks to Mukesh Ambani’s push to capture the burgeoning retail market of the company through acquisitions( like Future Group) and raising capital (like KKR, Silver Lake and others).

Jio Platforms Limited, Mukesh Ambani’s prodigy, reported a revenue of $ 2.9 billion, higher by 7.1% over the last quarter. EBITDA for the quarter stood at $1.1 billion, while net profit saw a growth of 19.8% at $409 million. The Average Revenue Per User was reported to be ₹ 145.0 per subscriber per month as against ₹ 140.3 per subscriber per month in the trailing quarter, which is a big achievement in a country like India, where telecom operators are struggling to maintain margins. Moreover, it also managed to reach 400 million subscribers while operating in just one country, a huge testament to the company’s strong presence in India. Now, it is ready for the next stage, and is planning to start services outside of its homeland.

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