Reliance has recently acquired more than 10 thousand crores regarding clean energy business.
Mukesh Ambani-owned Reliance Industries Limited (RIL) has entered into several partnerships to invest in solar, battery and hydrogen sectors to shape its green energy business. They can contribute around 10 per cent to the company’s pre-tax profit over the next five years. This assessment has been done in a report.
Significantly, the company has announced partnerships with REC, Nexsafe, Sterling & Wilson, Stisal and Ambari with a total cost of $1.2 billion. “With these investments, Reliance has built a fully integrated end-to-end renewable energy ecosystem through solar, battery and hydrogen,” brokerage firm Bernstein said in a report. The expertise and technology portfolio has been acquired to start manufacturing.
Reliance will now set up a production center in India
“Reliance will commercialize the technology acquired and set up a manufacturing facility in India,” it said. It was also said that it is expected that Reliance will continue to invest in technologies such as fuel cells and key materials for the clean energy sector. According to the report, it is estimated that the new energy business will contribute about 10 per cent to RIL’s EBITDA by the financial year 2025-26.
Reliance’s profit jumped 43 percent
Here, the consolidated net profit of Reliance Industries stood at Rs 13680 crore in the September quarter. There has been a jump of 43 percent in comparison to the September 2020 quarter. Reliance’s consolidated net profit stood at Rs 9567 crore in the September 2020 quarter. The operating revenue of the company stood at Rs 1.74 lakh crore. It registered a growth of 49 per cent on a yearly basis.
Separate business of O2C, Retail and Jio
There was a 58 percent jump in revenue for O2C business and it stood at Rs 1.2 lakh crore. In the September quarter, Jio’s net profit stood at Rs 3728 crore, with a jump of 23 percent. Revenue stood at Rs. 19777 crores. There has been a jump of 9 percent in the revenue of Reliance Retail and it has been Rs 39926 crore. It was Rs 36566 crore in the same period last year. The net profit of the retail segment stood at 1695 crores and there has been a growth of about 74 percent.
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