Reliance Industries : Consolidated Results for the Quarter ended September 30, 2021

Reliance Industries Limited, an Indian multinational conglomerate company, headquartered in the city of Mumbai, India declared its consolidated quarterly results for the quarter ended September 30, 2021.

Key Highlights of the results declared -

• Recorded Quarterly Consolidated EBITDA at Rs 30,283 crore, up 30 per cent on YoY.

• Recorded Quarterly Consolidated PROFIT AFTER TAX at Rs 15,479 crore, up 46 per cent on YoY.

• Recorded Quarterly EBITDA for Digital Services at Rs 9,561 crore, up 14.6 per cent YoY

• Recorded Quarterly Revenue For Digital Services at Rs 24,362 crore, up 7.4 per cent YoY.

• Quarterly Revenue For Retail at Rs 45,450 crore, up 10.5 per cent YoY.

• Quarterly EBITDA for Retail at Rs 2,923 crore, up 44.1 per cent YoY.

Strategic Updates (2Q FY22)

• Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), invested USD 50 million to acquire 42.3 million shares of preferred stock in Ambri Inc, an energy storage company based in Massachusetts, USA. Total investment in Ambri Inc. is USD 144 million alongwith strategic investors Paulson & Co. Inc. and Bill Gates, and a few other investors. The investment will help the Company commercialise and grow its long-duration energy storage systems business globally.

• RNESL and Denmark-based Stiesdal A/S (Stiesdal) signed a cooperation agreement for technology development, and manufacturing of Stiesdal’s HydroGen Electrolyzers in India. The new technology for HydroGen Electrolyzers has the potential to deliver significant cost reduction compared to currently available technologies thereby paving the way for rapid decarbonisation and commercialisation of affordable Green Hydrogen – a key enabler in achieving India’s green energy transition.

• RNESL entered into an agreement with NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares of face value of EUR 1 each of NexWafe at a price of EUR 287.73 per share aggregating EUR 25 million. RNESL will also be issued 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant subject to achievement of agreed milestones. NexWafe’s unique patented technology is expected to cut wafer production costs, making solar photovoltaics the lowest-cost form of renewable energy available.

• RNESL to acquire 40 per cent stake in Sterling & Wilson Solar Ltd (SWSL). This partnership with SWSL will provide it access to world-class talent, engineering and project management skills and complement Reliance’s proven strengths in digital technology, engineering, and procurement and project execution- all key ingredients required to deliver high quality, cost-efficient and time-bound implementation of giga-scale green energy capacity, in India and across the world.

• RNESL announced acquisition of 100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million. The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the US, Europe, Australia and elsewhere in Asia.

• Reliance Retail Ventures Limited (RRVL), through its wholly owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc. for the launch of 7-Eleven® convenience stores in India. The first 7-Eleven store opened on October 9 in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighbourhoods and commercial areas, across the Greater Mumbai cluster to start with.

• RRVL acquired 96.49 per cent stake in Aaidea Solutions Private Limited (Milkbasket) during the quarter. Milkbasket is India’s first and one of the largest subscriptions based daily micro-delivery service, delivering fresh foods and items of daily needs to its consumers at their doorsteps in a 100 per cent contactless doorstep delivery, same time, every day.

• RRVL acquired 52 per cent equity stake in Ritika Pvt Ltd that owns - Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké, and Ritu Kumar Home and Living. The collaboration with Ritu Kumar will pave the way for bringing the rich artisanal culture of India beyond the existing ideas of couture and fashion.

• RRVL has taken sole control of Just Dial Limited in accordance with the SEBI Takeover Regulations with effect from September 1, 2021. RRVL now holds 67 per cent in Just Dial Limited. Just Dial is India's leading local search engine platform which provides search related services to users across India.

• Reliance Brands Limited (RBL) has signed a definitive agreement to invest in founder and creative director, Manish Malhotra’s eponymous brand for a 40 per cent minority stake. The announced strategic partnership is aimed at accelerating the 16-year-old couture house’s growth plans in India and across the globe.

• Reliance Retail Limited (RRL), a subsidiary of the Company, acquired the home décor business of Creative Group under the brands ‘Portico’ and ‘Stellar Home’ on a slump sale, going concern basis. The business offers a wide spectrum of bed and bath solutions comprising of fashionable bed sheets, comforters, pillows, cushions and towels.

• RSBVL has invested Rs 20 crore in equity shares of Neolync Solutions Private Limited. Neolync and its subsidiaries and associate companies are engaged in India based manufacturing of electronic products such as mobile phones, telecom products and computing devices etc. This investment is part of Group’s overall 5G initiatives and commitment to ‘Government of India’s ‘Made in India’ initiatives for fostering indigenous manufacturing especially in next gen 5G technologies.

• Reliance Strategic Business Ventures Limited RSBVL, a wholly owned subsidiary of the Company has acquired 2,28,42,654 equity shares of Rs10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore. Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies. This investment is part of group’s digital health initiatives, to foster affordable access to world class technology and innovation led healthcare ecosystem in India.

• Nearly 100 per cent of the eligible employees administered Dose 1 under “Mission Vaccine Suraksha” and 96 per cent of all the eligible employees are fully vaccinated. The balance of the employees will be fully vaccinated within a couple of weeks. Reliance under its Mission Vaccine Suraksha has administered vaccines to employees, their families, partner and employees of investee companies as well as their family members, retired employees and their family members and communities across the country.