Reliance’s December quarter net profit increases by 9.3 percent to Rs 17,265 crore
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Reliance Industries Ltd. Net profit has increased by nine percent in the December quarter of the current financial year. The retail and telecom segments were able to compensate for the slowdown in the oil business due to maintenance activities. The country’s leading company Reliance gave this information in a statement while announcing the results for the October-December 2023 quarter on Friday. According to the statement, the integrated net profit of Reliance Industries has increased by Rs 17,265 crore i.e. Rs 25.52 per share in the December quarter. This is 9.3 percent higher than Rs 15,792 crore in the same quarter a year ago. There has been a decline in the company’s profit as compared to the September quarter. The company’s profit in the July-September 2023 quarter was Rs 17,394 crore. This decline in Reliance’s performance is mainly responsible for the slowdown in the oil and chemical business. The huge refining complex in Jamnagar recorded a decline in earnings due to seven weeks of maintenance and inspection activities.
However, the company’s quarterly earnings before tax (EBITDA) grew 16.7 per cent year-on-year to Rs 44,678 crore with growth across all businesses. But its operating revenue remained almost stable at Rs 2.2 lakh crore. Reliance’s retail business witnessed record growth and managed to register its highest ever quarterly revenue and pre-tax income. Telecom revenues also remained buoyed by strong subscriber growth and higher data consumption. The company’s refining and petrochemical business revenue declined by 2.4 percent and its pre-tax income stood at Rs 14,064 crore. Pre-tax income in the July-September quarter was Rs 16,281 crore. The company said closure of CDU, FCCU, delayed coking and planned maintenance and inspection of ROGC complex has impacted production and profitability.
Average revenue per user (ARPU) of the company’s telecom segment Jio remained almost flat at Rs 181.7. However, its number of subscribers increased from 45.97 crore to 47.09 crore in the September quarter. Digital services business Reliance Jio Infocomm Ltd’s net profit rose 11.6 per cent to Rs 5,445 crore. Apart from this, data consumption increased to 38.1 billion GB in October-December. During the period under review, profit from retail business increased by 40 percent to Rs 3,165 crore. During this period, the number of stores increased from 18,650 to 18,774. The number of customers visiting the stores was 26 crore in July-September 2023 but it increased to 28.2 crore in the last quarter. The oil and gas segment’s income before tax rose 50 per cent to Rs 5,804 crore as higher gas volumes partially offset lower prices. The company’s flagship KG-D6 block in the Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic meters of gas and 21,000 barrels of oil per day.
The company said its outstanding debt increased to Rs 3.11 lakh crore in the December quarter compared to Rs 2.95 lakh crore in the September quarter. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said that Jio has launched the fastest rollout of true 5G services in India anywhere in the world. He said, now every village, town and city of India is connected with high-speed digital connectivity. He said the retail sector has also shown impressive financial performance with a rapidly growing physical and digital presence. He said, Reliance Retail is focused on enriching the customer shopping experience by adding new brands and offerings to its portfolio. Ambani said the oil and gas segment has recorded the highest ever quarterly pre-tax earnings. He said the oil and petrochemicals segment performed well due to operational strength and strong domestic demand. Along with this, he expressed the hope that the new Energy Giga Complex will start in the second half of the year 2024 and said that Reliance’s new energy business will play an important role in the global movement to adopt clean fuels.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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