Reliance posts record consolidated revenues of Rs 242,982 crore in Q1 of FY 2022-23, up 53% YoY

Mumbai, July 22, 2022

The Mukesh Ambani-led Reliance Industries Limited (RIL) on Friday reported consolidated revenues of Rs 242,982 crore ($30.8 billion) in the first quarter of FY 2022-23, up 53% year-on-year (YoY).

Announcing its financial results for the quarter, the company said it had posted its highest ever quarterly consolidated Profit Before Tax (PBT) at Rs 27,236 crore ($3.4 billion), up 57.7% YoY.

The consolidated net profit for the quarter was Rs 19,443 crore ($2.5 billion), higher by 40.8%. EPS for the quarter was Rs 26.6 per share, an increase of 42.7%.

The company's exports for the quarter was Rs 96,212 crore ($12.2 billion), higher by 71.3%.

RIL's capital expenditure (including exchange rate difference) for the quarter ended June 30, 2022 was Rs 31,434 crore ($4.0 billion).

RIL's subsidiary Jio Platforms posted an EBITDA for the quarter of Rs 11,424 crore ($1.4 billion), an increase of 28.5%. Jio Platforms' net profit for the quarter was Rs 4,530 crore ($574 million), a growth of 24.1%.

Reliance Jio's ARPU during the quarter of Rs 175.7 per month saw a 26.9% growth on YoY basis and 4.8% growth on QoQ basis driven by residual impact of tariff hike and contribution from FTTH, the company said.

Reliance Jio net subscriber addition witnessed a strong rebound to 9.7 million driven by continued strength in gross adds at 35.2 million. Its total customer base as on June 30, 2022 was 419.9 million.

Reliance Jio's average data and voice consumption per user per month increased to 20.8 GB and 1,001 minutes, respectively. Total data traffic at 25.9 billion GB was 27.2% up; total voice traffic at 1.25 trillion minutes was 17.2% up.

"Jio continued to extend its leadership position in FTTH services with further acceleration in homes connected. Jio now has 7.0 million connected premises," it said.

Reliance Retail's gross revenue for the quarter was Rs 58,554 crore ($7.4 billion), higher by 51.9%. Its EBITDA for the quarter was Rs 3,837 crore ($486 million), higher by 97.7%. Its net profit for the quarter was Rs 2,061 crore ($261 million), higher by 114.2%.

Reliance Retail witnessed its first quarter without any operating disruptions since the onset of the COVID-19 pandemic. Footfalls surpassed pre-COVID levels as consumers returned to stores, the company said.

Reliance Retail crossed a milestone of 200 million registered customers. The registered customer base stood at 208 million at the end of the quarter, up 29% YoY.

Reliance Retail opened 720 stores in the quarter, taking the total count to 15,916 stores with an area of 43.2 million sq ft covering all corners of the country. The company bolstered its supply chain capabilities with the addition of 79 warehousing and fulfillment locations measuring 3.3 million sq ft of space during the quarter.

Reliance Retail Digital Commerce daily orders stood 66% up YoY; new commerce merchant base stood three times over last year's level.

Reliance Retail added over 17,000 jobs during the quarter; the total employee count stands at around 3,79,000.

The company said Reliance O2C had its best-ever quarterly performance with all-time-high revenue and EBITDA. Segment revenues increased by 56.7% Y-o-Y to Rs 161,715 crore primarily on account of higher crude oil and product prices.

Reliance O2C EBITDA improved by 62.6% Y-o-Y to Rs 19,888 crore on account of sharp rise in transportation fuel cracks and better volumes.

Reliance oil & gas segment revenues increased by 183.0% Y-o-Y to Rs 3,625 crore. The segment EBITDA jumped to Rs 2,737 crore, due to improved realizations, and higher volumes, the company added.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins."

He said that, despite significant challenges posed by the tight crude markets and higher energy and freight costs, the company's O2C business had delivered its best performance ever.

"I am also happy with the progress of our consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures.

Ambani said customer engagement on the company's Digital Services platform remained high. "Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions."

"Reliance is committed to invest in India’s energy security. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians," he added.

NNN