Reliance Industries net profit down 15 percent at Rs 15,792 crore in third quarter
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The company told the stock market on Friday that the consolidated net profit in the October-December quarter of 2022-23 stood at Rs 15,792 crore, compared to Rs 18,549 crore in the same quarter of the previous financial year. Thus, the net profit of the company stood at Rs 23.34 per share.
Mukesh Ambani’s Reliance Industries Ltd (RIL) reported a 15 per cent decline in net profit at Rs 15,792 crore in the third quarter of the current financial year. Higher finance costs and depreciation offset the impact of the strong operating performance in the quarter under review. The company told the stock market on Friday that the consolidated net profit in the October-December quarter of 2022-23 stood at Rs 15,792 crore, compared to Rs 18,549 crore in the same quarter of the previous financial year. Thus, the net profit of the company stood at Rs 23.34 per share.
RIL’s finance cost rose 36.4 per cent to Rs 5,201 crore, while other expenses increased by Rs 5,421 crore. Loans increased by about Rs 59,000 crore year-on-year to Rs 3,03,530 crore in the third quarter. The company is using the debt to expand into green energy, telecom and retail business. Its depreciation increased by 32.6 per cent to Rs 10,187 crore, the company said in a statement. RIL’s gross income rose 15 per cent to Rs 240,963 crore.
The company’s Earnings Before Tax (EBITDA) stood at Rs 38,460 crore, a growth of 13.5 per cent YoY, led by the consumer business. In the quarter under review, the pre-tax income of digital services grew by 26 percent, the pre-tax income of retail services by 25 percent and the pre-tax income of oil and gas business by almost 100 percent. The pre-tax income of the company’s mainstay oil refining and petrochemical business (O2C) grew by 3 per cent. Telecom unit Jio’s net profit rose 28.6 per cent to Rs 4,881 crore and subscriber base grew to Rs 43.3 crore. Revenue per user grew by 17.5 percent during this period.
The net profit of the retail business increased by 6.2 per cent to Rs 2,400 crore. Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said, “All segments have registered strong growth in Integrated Earnings before Tax (EBITDA) on a YoY basis. “Our focus is on producing critical fuels and materials for consumers while operating safely and robustly,” he said.
Ambani said, in this quarter we started 5G services. It is now available in 134 cities and towns in India. This will enhance customer experience while enabling next generation services. On retail services, he said the company focused on delivering superior products and value to customers while improving profitability.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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