Reliance Industries’ Q4 profit sees 18% year-on-year jump at ₹21,327 crore

Reliance Industries (RIL) has posted an 18.3 per cent jump in its profit after tax to ₹21,327 crore for the quarter ended March 31, 2023, against ₹18,021 crore in the year-ago period.

According to a statement from RIL, gross revenue went up 2.8 per cent to ₹239,082 crore in the reviewed quarter, against ₹232,539 crore. Earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 21.8 per cent to ₹41,389 crore from ₹33,968 crore in the year-ago period.

Depreciation of the company surged 43.2 per cent to ₹11,456 crore, against ₹8,001 crore in the corresponding period the previous year. Finance costs went up 33.1 per cent to ₹4,769 crore from ₹3,584 in the year-ago period. The capital expenditure for the year ended March 31, 2023, was ₹141,809 crore.

The company said it achieved a record annual consolidated profit after tax at ₹74,088 crore in FY23 against ₹65,009 crore in FY22, which is up 14 per cent year-on-year.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “O2C segment posted its highest-ever operating profit despite global uncertainties and disruptions in commodity trade flows. Our oil and gas segment also delivered very strong growth and is now poised to contribute nearly 30 per cent of India’s domestic gas production.”

“This year we have proposed to demerge our financial services arm and list the new entity “Jio Financial Services Ltd.”. This gives our shareholders an opportunity to participate in an exciting new growth platform from inception,” Mukesh Ambani said, adding, “Implementation of our New Energy giga factories at Jamnagar is making significant progress. This puts us on track to achieve our goals of transitioning to cleaner energy and enabling sustainable growth. I believe Reliance’s significant investments and strategic partnerships in the renewable energy vertical will help transform the energy landscape of India and the world, in the coming years,” he added.

The release said the gross Revenue was ₹976,524 crore ($ 118.8 billion), up 23.2 pc Year-on-Year, supported by continuing growth momentum across all businesses.

Digital Services segment achieved 19.6 per cent Y-o-Y growth while Retail business grew by 30.4 per cent Y-o-Y. Revenue of O2C business improved by 18.7 per cent, led by higher realizations on back of 19 per cent increase in average Brent crude price. Oil and Gas business revenues increased 120.3 per cent due to sharp increase in gas price realization and 10.7 per cent increase in KG D6 gas production.

Akash M Ambani, Reliance Jio Infocomm Limited Chairman, said Jio has taken formidable strides in pioneering 5G rollout across the country with unmatched speed of execution.

“5G has led to a significant improvement in customer experience, reflected in the higher engagement levels among Jio users. Jio remains committed to build a robust digital society with tailormade technology platforms which will drive sustained growth in earning and value for all stakeholders.”

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said Reliance Retail continues on the path of registering industry-leading growth year after year at a scale unmatched in India.

“At Reliance Retail we remain committed to delivering exceptional value to our customers while driving sustainable growth for our business and various stakeholders in the ecosystem. Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer the transformation of India’s retail sector.” (ANI)