Mumbai: Reliance Industries Ltd (RIL) today announced the results for Q3 FY2023-24. With a 10.9 percent surge in net profit, reaching Rs 19,641 crore for the third fiscal quarter compared to the same period last year.

The consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) for this quarter were Rs 44,678 crore, reflecting an increase of 16.7% from the previous year, indicating growth in all major operating sectors.

The company witnessed a 3.2% rise in gross revenue from operations, reaching Rs 2.48 lakh crore in the December quarter, up from Rs 2.41 lakh crore in the corresponding period last year.

Commenting on the results, Mukesh D. Ambani, Chairman, and Managing Director of Reliance Industries Limited said, “Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses. I am happy to share that Jio has completed in India the fastest rollout of True 5G services anywhere in the world. Every city, town, and village in the country is now equipped with high-speed digital connectivity, ushering in a new era of unparalleled digital accessibility and technology-led growth. The strong uptake of the JioBharat phone and JioAirFiber services has resulted in the continued expansion of Jio’s subscriber base, contributing to the stellar growth numbers of the digital services business.”

Reliance’s retail business EBITDA experienced a 31% increase from the previous year, reaching Rs 6,271 crore, driven by strong growth in grocery, fashion, and consumer electronics products.

The oil and gas business reported a record quarterly EBITDA of Rs 5,804 crore, marking a substantial 46 percent increase from the previous year.

Reliance’s capital expenditure of Rs 30,102 crore was comfortably covered by a cash profit of Rs 35,810 crore. DeshGujarat