Indian conglomerate Reliance Industries' second quarter net profit surged 43 per cent, beating analyst estimates and exceeding pre-pandemic levels, as it recorded growth across its business units and as higher demand for oil products boosted its core chemicals-to-oil business.
The Mumbai-based energy-to-telecom company's consolidated net profit attributable to owners of the company rose to 136.80 billion rupees ($1.82bn) in the three months ending September 30, from 95.67bn rupees in the same quarter last year, it said on Saturday. Revenue from operations grew nearly 50 per cent year-on-year to 1.74 trillion rupees.
"All our businesses reflect growth over pre-Covid levels. Our operational and financial performance reflects sharp recovery in the retail segment and sustained growth in oil-to-chemicals (O2C) and digital services business," Mukesh Ambani, chairman and managing director of Reliance Industries, said. "This demonstrates the inherent strengths of our businesses and the robust recovery of the Indian and global economies."
Reliance Industries' telecom unit Jio reported a 23.5 per cent annual rise in second quarter profit to 37.2bn rupees as it added 23.8 million customers and reached a total customer base of 429.5 million as of September 30.
Revenue from the company's oil-to-chemicals unit, home to both its refining and petrochemicals operations, rose 58.1 per cent to $16.2bn on the back of the increase in oil prices and higher volumes.
"Our O2C business benefited from sharp recovery in demand across products and higher transportation fuel margins," Mr Ambani said.
The company has a target to reach net-zero carbon by 2035.
"We continue to make steady progress in accelerating our foray into new energy and new materials business," Mr Ambani said. "Our partnership approach and the desire to bring India to the forefront of global transition to clean and green transition is underscored by our recent investments in some of the best companies in the world in the solar and green energy space."
Reliance's retail arm recorded a 74.2 per cent year-on-year jump in second quarter net profit to $228 million with "robust growth across all consumption baskets led by strong revival in consumer sentiments" amid festivities, relaxations in Covid-related curbs and the administration of vaccinations, the company said.
"Reliance Retail continues to grow on the back of rapid expansion of both physical stores and digital offerings resulting in healthy growth in revenues and margin expansion," Mr Ambani said.
During the quarter, the company opened 813 new stores, taking the total count to 13,635 stores across 37.3 million square foot retail space.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
