Mumbai : Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a year-on-year (YoY) drop of 11% in the consolidated net profit for the quarter ended June 2023 to Rs 16,011 crore. The company’s consolidated revenue also experienced a YoY decline of 5.3%, reaching Rs 2.11 lakh crore. These figures fell short of the expectations of an ET Now poll, which projected a net profit of Rs 16,421 crore. The board has proposed a dividend payout of Rs 9 per share, subject to approval from the shareholders. In comparison to the previous quarter, the consolidated revenue saw a sequential decline of 2.5%, while the net profit dropped even further, experiencing a steeper fall of 17%.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “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. Jio’s wide range of quality offerings at affordable price points has enabled strong growth in subscriber base, which reflects in the financial performance of the digital services business. Accelerated roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace. In another step towards democratizing internet in India, Jio launched the “JioBharat” Phone Platform, making internet technology accessible and affordable to every Indian. Retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls. The contribution of Digital and New Commerce initiatives is scaling up, delivering value to consumers and providing synergistic benefits to merchant partners. O2C business delivered a resilient performance despite continuing global macro headwinds. Commencement of MJ field operations during the quarter will enhance India’s energy security, with total production from KGD6 block rising to ~30 MMSCMD in the coming months. The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place. I firmly believe that Jio Financial Services is uniquely positioned to foster financial inclusion in India.”