RIL Q1 Net profit rises 46% to Rs 17,955 crore

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Mumbai : Mukesh Ambani controlled Reliance Industries Corporation (RIL) on Friday reported a 54.5 percent year-on-year (YoY) growth in consolidated revenue from operations to Rs 2.23 lakh crore. Operating profits rose 45.8 percent YoY to a record high of Rs 40,179 crore. Profits climbed 46.3 percent YoY to Rs 17,955 crore.
Oil to chemical business of the company delivered its best-ever quarterly performance with all-time-high Revenue and EBITDA.Segment Revenues for 1Q FY23 increased by 56.7% Y-o-Y to ₹ 161,715 crore primarily on account of higher crude oil and product prices. Benchmark Brent crude average price was up 65% Y-o-Y to $ 113.9/bbl.

“Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said.

“I am also happy with the progress of our Consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures”
“Customer engagement on our Digital Services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions” he said.
“Reliance is committed to invest in India’s energy security. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians” he added.

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