Mumbai: Major Indian conglomerate Reliance Industries Ltd (RIL) on Friday said it had closed the Q2 of FY23 with a consolidated profit of Rs 15,512 crore on a higher revenue.
For the period ended September 30, 2022, RIL had posted a gross revenue of Rs 253,497 crore up from Rs 191,532 crore logged for the period ended September 30, 2021.
The company had registered a net profit of Rs 15,512 crore for the period ended September 30, 2022 up from Rs 15,479 crore posted for same period the previous year.
Commenting on the results, Chairman and Managing Director Mukesh D. Ambani said: “I am pleased with the record performance of our consumer businesses which continue to scale new milestones every quarter.”
“We saw consistent net subscriber additions and higher engagement in Digital Services segment. Jio has announced beta trial for its industry-leading standalone 5G services and is making rapid progress for an ambitious and the fastest-ever roll out of True 5G on pan-India basis,” he added.
While the company’s retail business logged record performance, the O2C business reflect subdued demand and weak margin environment across downstream chemical products, Ambani said.
Transportation fuel margins were better than last year but significantly lower sequentially.
“Segment performance was also impacted by the introduction of speci al additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market,” he said.
“Our domestic oil & gas business continued to deliver robust performance maintaining production at 19 MMSCMD levels in the KG D6 block, significantly enhancing energy security for the country. We are confident of commissioning MJ Fields by year end,” he remarked.
According to RIL, the increase in gross revenue was driven by higher realisation in oil to chemicals (O2C) business with sharp increase in energy prices.
Revenue growth also reflects continued growth momentum across consumer businesses.
Retail segment recorded 43 per cent YoY growth in revenue, while Digital Services segment achieved 21 per cent YoY growth, the company said.
It said its EBITDA increased by 14.5 per cent to Rs 34,663 crore from Rs 30,283 crore in 2Q FY22 due to positive operating leverage and operational efficiencies in the retail segment, higher gas price realisation with increase in ceiling price, and marginally higher volumes in the oil & gas segment, and increase in the average revenue per user (ARPU) and customer engagement in the digital services segment.
On the other hand, the O2C segment EBITDA was impacted by weak downstream chemical margins and introduction of Special Additional Excise Duty (SAED), which was partially offset by firm transportation fuel margin.
The RIL’s exports (including deemed exports) from India operations increased by 57.5 per cent to Rs 86,382 crore as against Rs 54,844 crore in the corresponding quarter of the previous year, mainly due to higher price realisations despite lower downstream product volumes.
The company’s outstanding debt as on September 30, 2022 was Rs 294,859 crore ($36.2 billion). Cash and cash equivalents as on September 30, 2022 were at Rs 201,606 crore.
The capital expenditure (including exchange rate difference) for the quarter ended September 30, 2022 was Rs 32,534 crore ($4 billion).
Additionally, Rs 88,078 crore ($10.8 billion) were incurred towards acquisition of spectrum by Reliance Jio Infocomm Ltd, the company said.
–IANS
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