Mumbai : Mukesh Ambani-led Reliance Industries on Friday reported a strong operating performance for the third quarter ( October-December). Consolidated profit after tax marginally increased by 0.6 percent year-on-year to Rs 17,806 crore for three-month period ended December FY23.
The consolidated gross revenue for the quarter increased by 14.8 percent to Rs 2.4 lakh crore as against Rs. 2.09 lakh crore in the corresponding period last financial year, supported by continuing growth momentum in consumer businesses. Digital Services segment achieved 20.4% Y-o-Y growth while Retail segment grew by 17.2% Y-o-Y. Higher realization in O2C business with increase in energy prices along with nearly 2x growth in Oil & Gas business also contributed to growth in revenue
RIL’s board also cleared a proposal to raise Rs 20,000 crore in debt through non-convertible debentures.
“Our teams across businesses have done an excellent job in delivering strong operating performance through a challenging environment. All segments contributed to the robust growth in consolidated EBITDA on Y-o-Y basis. In O2C business, middle distillate product fundamentals remain strong with firm demand, constrained supply, and high natural gas prices in Europe. Downstream chemical products witnessed margin pressure with excess supply and relatively weak regional demand. Our focus remains on operating safely and reliably producing vital fuel and materials for consumers” said RIL chairman, Mukesh Ambani.
“Jio delivered record revenues and EBITDA driven by strong momentum in customer growth and data consumption. This quarter we launched True 5G services. It is now available in 134 cities and towns in India, enhancing customer experience while enabling next generation services. It is heartening that customers recognise the great value and world class connectivity that Jio offers on its 4G and 5G networks. Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability. Our upstream business delivered robust growth with sustained production from KG D6 block along with higher realization. We are on track to reach 30 MMSCMD of gas production in FY 24 after the commissioning of MJ field. This will significantly enhance India’s energy security in a volatile energy market environment. We are making rapid progress towards implementation of new energy Giga factories at Jamnagar as part of our commitment to revolutionizing the green energy sector. Our strong balance sheet and robust cash flows remains the cornerstone of our commitment in growing existing businesses as well as investing in new opportunities” he said.