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Reliance Industries Q1FY24 net profit drops 10% YoY to Rs 16,011 cr; dividend declared

Reliance Industries Q1FY24 net profit drops 10% YoY to Rs 16,011 cr; dividend declared

| @indiablooms | 21 Jul 2023, 11:34 pm

Mumbai: Reliance Industries (RIL) on Friday reported a net profit of Rs 16,011 crore for FY24, a decline of 10.8 percent compared to Rs 17,955 crore in the same period last year.

The gross revenue from operations for the first quarter of the current fiscal year amounted to Rs 231,132 crore, marking a decrease of 4.6 percent from Rs 242,529 crore in the corresponding period of the previous year.

The decrease in revenue and consolidated net profit for Reliance Industries (RIL) was primarily attributed to the weaker growth in the oil-to-chemicals (O2C) business, which was impacted by the downturn in global crude oil prices.

The O2C segment's revenue witnessed a decline of 17.7 percent, amounting to Rs 1,33,031 crore in the quarter under review, as compared to Rs 1,61,715 crore in the corresponding period of the previous year.

The challenging market conditions in the oil sector had a significant effect on RIL's financial performance during this period.

Reliance Industries (RIL) reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 38,093 crore during the June quarter.

This represents a slight increase compared to Rs 37,997 crore in the same period of the previous year. Despite the challenges faced in the O2C business, the company managed to maintain a stable EBITDA during this quarter.

“Reliance’s strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments,'' said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

The company's board has declared a dividend of Rs 9 per equity share for fiscal 2022-23. “The board of directors has recommended dividend of Rs 9/- per fully paid-up equity share of Rs 10/- each for the financial year ended March 31, 2023. This payment of dividend is subject to approval of members of the Company at ensuing annual general meeting of the company,'' said Reliance Industries in a regulatory filing to the stock exchanges.

During the June quarter, Reliance Retail achieved remarkable results, reporting record revenue and EBITDA. The net profit of the retail arm surged by 18.8 percent to Rs 2,448 crore, compared to Rs 2,061 crore in the same period last year.

The gross revenue from operations also witnessed significant growth, rising by 19 percent to Rs 69,962 crore, compared to Rs 58,554 crore in the corresponding year-ago period. The EBITDA for the retail segment reached Rs 5,151 crore, showing substantial improvement compared to Rs 3,849 crore in the previous year.

Reliance Retail's impressive performance was supported by a record-breaking 249 million footfalls across various formats and geographical locations, indicating a notable growth of 42 percent year-on-year.

The company continued to expand its physical store network, adding 555 new store openings, bringing the total store count to 18,446 by the end of the quarter.

The total operating area increased to 70.6 million square feet, contributing to Reliance Retail's exceptional achievements during the quarter.

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