© The Indian Express Pvt Ltd
Tags:
Journalism of Courage
Aided by the continuing growth momentum in consumer businesses, Reliance Industries Ltd (RIL) has reported a 29.7 per cent rise in net profit at Rs 19,878 crore for the quarter ended September 2023 as against Rs 15,332 crore in the year-ago period. The net profit attributable to the owners of company rose 27.37 per cent to Rs 17,394 crore for the quarter as against Rs 13,656 crore in the second quarter of the last financial year.
Revenue rose by 1.2 per cent to Rs 255,996 crore for the quarter as against Rs 252,846 crore in the same period of last year.
Meanwhile, RIL’s digital arm Jio Platforms Ltd posted a 12 per cent rise in net profit at Rs 5,297 crore for the September quarter as against Rs 4,729 crore in the corresponding quarter last year. Its revenue increased by 10.6 per cent to Rs 31,537 crore, led by 7.5 per cent increase in subscriber base and higher ARPU.
Strong net subscriber addition and sharp increase in data traffic supported 80 bps margin improvement in Jio Platforms, the company said.
Also, Reliance Retail Ventures Ltd (RRVL) posted a 21 per cent rise in net profit at Rs 2,790 crore for the latest quarter and a 18.8 per cent increase in revenue to Rs 77,148 crore with growth momentum across consumption baskets, led by food and grocery which grew by 33 per cent.
RIL shares rose 1.75 per cent to Rs 2,265.25 on the BSE on Friday.
RIL Chairman and MD Mukesh D Ambani attributed the positive performance by the group to “strong operational and financial contribution” from all business segments.
“By December 2023, we will also complete pan-India rollout of 5G services and set a new global benchmark for the fastest roll-out of a 5G network across a large nation. Reliance Retail has continued to rapidly expand its offline as well as online presence, while adding to its already impressive range of products and offering,” Ambani said.
The RIL chairman said that the group is providing a “fresh and friendly” shopping experience and the “strength and diversity” of its retail business model is consistently delivering “robust performance”. “Resilient performance of the O2C (oil to chemicals) segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market,” he said.
Ambani said that weak global demand and supply-overhang continued to impact downstream margins. “The growth of oil and gas business is particularly noteworthy with production from KGD6 block ramping up, providing valuable fuel for energy transition to the Indian economy,” he said.
RIL said O2C revenue declined with 14 per cent decrease in crude oil prices, leading to lower price realisation for products.
