RIL reports 19 % rise in March quarter net profit to Rs 19,299 crore

Mumbai: Reliance Industries on April 21 reported a consolidated net profit of Rs 19,299 crore for the March quarter of the financial year 2022-23, up 19 percent from the year-ago period. The profit beat estimates.

Revenue from operations of the most valued company came in at Rs 2,16,376 crore, registering a rise of 2.11 percent from Rs 2,11,887 crore in the corresponding quarter previous year.

The bottomline of the Mukesh Ambani-led company was expected to grow in single digits year-on-year (YoY). Net profit was seen at Rs 16,573 crore. Thus, the company beat estimates.

EBITDA increased by 21.8 percent year on year (YoY) to Rs 41,389 crore ($5 billion) on account of higher revenue and increase in margins in digital services segment, the company said in a release.

Favorable mix, sourcing benefits and operating efficiencies in retail segment, higher transportation fuel cracks and optimised feedstock cost partially offset by lower downstream chemical margins in oil-to-chemical (O2C) segment, better gas price realization and higher volumes in the Oil & Gas segment also helped the company grow EBITDA.

“I am happy to note Reliance’s initiatives in digital connectivity and organized retail are driving greater efficiencies in the economy and contributing to India’s emergence as one of the fastest growing economies in the world,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

“This year we have proposed to demerge our financial services arm and list the new entity “Jio Financial Services Ltd. This gives our shareholders an opportunity to participate in an exciting new growth platform from inception.”