Reliance Industries Limited reports net profit of Rs 15,512 crore in Q2 FY23

Mumbai, October 21, 2022

The Mukesh Ambani-led Reliance Industries Limited (RIL) today reported a consolidated net profit of Rs 15,512 crore in the second quarter (Q2) ended September 30 of financial year 2022-23, 0.2% higher than the Rs 15,479 crore achieved in the same period of 2021-22.

Announcing its financial results for the second quarter, the company said gross revenue in the period was Rs 253,497 crore, higher by 32.4% than the level in the corresponding period of the previous year.

A press release from the company said EBITDA, excluding the impact of Special Additional Excise Duty (SAED) related costs of Rs 4,039 crore, was Rs 38,702 crore in the quarter, higher by 27.8%.

EBITDA inclusive of the impact of SAED related costs for the quarter was Rs 34,663 crore, higher by 14.5%.

Cash profit for the quarter was Rs 27,614 crore, higher by 15.4% and EPS for the quarter was Rs 20.2 per share, lower by 3.3%.

The release said Jio Platforms Limited (JPL) reported a net profit of Rs 4,729 crore in the quarter, higher by 26.9%. Gross revenue for the quarter was Rs 28,506 crore, higher by 22.8% and EBITDA was Rs 12,011 crore, higher by 29.2%.

Total customer base as on 30th September, 2022 was 427.6 million and the ARPU during the quarter was Rs 177.2 per subscriber per month. Total data traffic was 28.2 billion GB during the quarter; higher by 22.7%.

Reliance Retail reported a net profit of Rs 2,305 crore for the quarter, higher by 36%. Gross revenue was Rs 64,920 crore, higher by 42.9%, and EBITDA was Rs 4,404 crore, higher by 51.2%.

A total 16,617 physical stores are operational, with 795 stores opened during the quarter.

Reliance Retail has come the first Indian retailer with over 50 million sq ft of retail space. The area of operation now is 54.5 million sq. feet as compared to 37.3 million sq. feet in the corresponding quarter of the previous year.

RIL Chairman & 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. Our Retail business delivered record performance with strong revival in footfalls, store additions and digital integration. Reliance Retail continues to provide a compelling proposition of great shopping experience and superior value across consumption baskets and price points.

"Performance of our O2C business reflect subdued demand and weak margin environment across downstream chemical products. Transportation fuel margins were better than last year but significantly lower sequentially. Segment performance was also impacted by the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market.

"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 added.

NNN