Oil-to-telecom-chemicals conglomerate Reliance Industries will announce its financial results for the quarter ended December 31, 2023, on January 19 (Friday).
In a regulatory filing on January 12, billionaire Mukesh Ambani-led company said, "Board of Directors of the Company is scheduled to be held on Friday, January 19, 2024, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and nine months ended December 31, 2023."
Shares of RIL on January 12 closed 0.80 percent higher at Rs 2,740.10 apiece on BSE.
Reliance Industries Ltd (RIL) reported a consolidated net profit of Rs 19,878 crore in the second quarter of the financial year 2023-24, an increase of 29.7 percent from a year ago, despite a dip in revenue from its oil-to-chemicals business. The robust performance of its retail, Jio and upstream businesses drove profit growth.
Gross revenue from operations of India’s most valued company stood at Rs 2.55 lakh crore in the quarter ended September 30, compared to Rs 2.52 lakh crore last year. RIL’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 30.2 percent to Rs 44,867 crore in Q2FY24.
Revenue for Reliance’s O2C business, its biggest business, stood at Rs 1.47 lakh crore, a 7.3 percent decline, primarily on account of a sharp 14 percent year-on-year decline in crude oil prices that resulted in lower price realisation for products.
EBITDA for the quarter stood at Rs 16,281 crore, increasing 36 percent from the year-ago period, on account of strength in gasoline and PVC margins, optimised feedstock sourcing and lower SAED in line with the decline in middle-distillate cracks.
The company’s oil and gas revenue, representing its upstream operations, increased 71.8 percent in the quarter, driven by higher production of gas & oil and the commencement of condensate production from MJ field along with 6 percent higher gas price realization in KG D6.
Jio Platforms’ profit for the second quarter stood at Rs 5,297 crore, an increase of 12 percent. The telecom and streaming business segment’s revenue from operations stood at Rs 31,537 crore in the quarter, compared to Rs 28,506 crore in the same period last year. The average revenue per user (ARPU), an important metric to measure the performance of telecom companies, improved 2.5 percent YoY to Rs 181.7 per user, per month.
Reliance Retail posted a net profit of Rs 2,790 crore in the quarter, an increase of 21 percent. Revenue from operations for the quarter stood at Rs 77,148 crore, a growth of 18.8 percent YoY. Store footfalls were at 260 million in the quarter, compared to 249 million in the previous quarter.
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