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RIL Q3FY23: Consolidated net profit falls 15% y-o-y to Rs 15,792 cr RIL Q3FY23

RIL Q3FY23: Consolidated net profit falls 15% y-o-y to Rs 15,792 cr

India Blooms News Service | @indiablooms | 20 Jan 2023, 09:41 pm

Mumbai/IBNS: Reliance Industries Ltd (RIL) on Friday said its consolidated net profit declined 15% year-on-year (YoY) for the quarter ended December 2022 to Rs 15,792 crore.

The conglomerate’s revenue grew 15.3% to Rs 2.20 lakh crore compared to the same quarter of the previous financial year.

RIL’s board has also approved raising Rs 20,000 crore through non-convertible debentures.

RIL’s consolidated operating profit, which is earnings before interest, taxes, depreciation and amortization (EBITDA), soared 13.5% compared to the year-ago period to Rs 38,460 crore.

EBITDA reflects a company’s cash flow through its operations.

Sequentially, however, the bottomline rose by 15.6%, while the revenue fell 5.3%.

RIL’s oil-to-chemicals (O2C) business accounted for 65 percent of its consolidated topline in the quarter.

Consolidated revenue of oil-to-chemicals (O2C) business grew by 10% on year to Rs 1.44 lakh crore.

Reliance Retail Ventures registered a 6.2% YoY growth in consolidated net profit to Rs 2,400 crore.

Revenue soared by 17% compared to the same period last year to Rs 67,623 crore, registering a record quarterly revenue by the retail major.

Operating profit jumped 25% on year to Rs 4,773 crore, which was also the company’s highest-ever.

The consolidated net profit of Jio Platforms rose 28.6% YoY to Rs 4,881 crore, and revenue increased by 21% to Rs 24,892 crore.

“Our strong balance sheet and robust cash flows remain the cornerstone of our commitment in growing existing businesses as well as investing in new opportunities,” Mukesh D Ambani, chairman and managing director of the conglomerate, was quoted as saying in the release.