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RIL Q2 results highlights | The country's largest company by market capitalisation, has declared the financial results for second quarter of FY2023.
The net profit came in at Rs 13,656 crore for the quarter ended September 30, 2022 as against Rs 13,680 crore in the year-ago quarter. Moreover, revenues surged 33.7 percent to Rs 2.32 lakh crore led by strong performance of the oil-to-chemical, telecom and retail operations in the quarter.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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1) Profit
Reliance registered a 0.2 percent year-on-year growth in consolidated profit at Rs 15,512 crore for the quarter ended September FY23, with cash profit growing 15.4 percent to Rs 27,614 crore for the same period.
Its other income during the quarter fell by 16.8 percent to Rs 3,514 crore YoY.
2) Revenue
The gross revenue for the quarter at Rs 2.53 lakh crore was higher by 32.4 percent compared to year-ago period, while revenue from operations increased by 33.7 percent to Rs 2.32 lakh crore.
3) Jio Platforms
Jio Platforms, which owns Jio, recorded a 26.9 percent year-on-year growth in profit at Rs 4,729 crore for the quarter ended September FY23, backed by strong topline and operating performance.
Revenue from operations for the quarter at Rs 24,275 crore for the quarter increased by 22.7 percent year-on-year aided by increase in average revenue per user (ARPU).
4) Reliance Retail
Reliance Retail delivered record revenue and profits during the quarter led by broad-based growth across all consumer baskets, with revenue growing a massive 44.5 percent year-on-year to Rs 57,694 crore and profit increasing 36 percent YoY to Rs 2,305 crore.
5) Oil To Chemicals
The oil to chemicals (O2C) business reported a 32.5 percent year-on-year growth in revenue at Rs 1.59 lakh crore, primarily on account of higher crude oil prices.
6) Oil & Gas
"Domestic oil & gas business continued to deliver robust performance maintaining production at 19 MMSCMD levels in the KG D6 block, significantly enhancing energy security for the country. We are confident of commissioning MJ Fields by year-end," Mukesh Ambani said.
The oil & gas segment clocked a 134.4 percent YoY growth in revenue at Rs 3,853 crore led by higher production and improved gas price realization.
KG-D6 gas production during the quarter was at 41 BCF (RIL's share) against 39.2 BCF (billions of cubic feet) production in Q2FY22.
7) Exports
Exports (including deemed exports) from RIL's India operations increased by 57.5 percent to Rs 86,382 crore compared to year-ago period, mainly due to higher price realizations despite lower downstream product volumes.
Read full report here
-The special additional excise duty imposed by the government in July left a dent in the earnings of India’s largest private sector refiner Reliance Industries.
-RIL’s oil-to-chemical business reported a 5.9 percent year-on-year decline in operating profit to Rs 11,968 crore in the quarter ended September 30, 2022.
-“Segment performance was also impacted by the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market,” Mukesh Ambani, chairman and managing director at Reliance Industries said in a press statement.
Read full report here
-Reliance Industries on October 21 said that its board hadapproved a scheme of arrangement under which the EPC and Infrastructure Undertaking of Reliance Projects and Property Management Services Limited, a wholly-owned subsidiary of RIL is proposed to be demerged into RIL.
-This demerger, together with the existing EPC team in RIL, creates a focused EPC undertaking in RIL to cater to the needs of the group.
-Diwali bonanza! Jio Platforms on October 21 launched its first Android-powered laptop – the JioBook – making its foray into another product category. The product was first unveiled by Reliance Jio at the Indian Mobile Congress trade show.
=The made-in-India JioBook runs on JioOs and comes bundled with multiple Jio apps along with Microsoft 365 services and local language support. It has 2GB RAM and 32GB eMMC storage that is expandable up to 128 GB
Click here for more details
-The media and broadcasting business reported a 11.7 percent year-on-year growth in revenues to Rs 1,549 crore during the reported quarter.
-The segment's operating profit plummeted 87.4 percent on-year to Rs 32 crore while operatig margins shrank to 2.1 percent from 18.2 percent a year-ago.
- RIL said that the business faced adversityies from a challenging advertising environment, flat subscription revenue and advertisement revenue loss from removal of Hindi GEC from DD FreeDish.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
-Reliance Industries on October 20 announced that it will demerge financial services undertaking and list Jio Financial Services
-Shareholders to get one equity share of JFS for one equity share held in RIL
-Corporate and capital structure to enable RIL shareholder participation in an exponential growth business
-JFS to build large digital fintech platform for all Indians
-Phase-II Drilling & Completion campaign for Production hole drilling, Lower & Upper Completions is in progress. Offshore installation campaign has been successfully completed.
-Floating Production Storage and Offloading (FPSO) is currently at Kakinada anchorage after completion of sea-trials and commissioning of Hull and Topsides. After receiving necessary approvals and loading of materials, FPSO will move to field location for Hook-up, Offshore Testing, Pre-commissioning and Commissioning activities.
-Production from MJ field is expected to commence by end of the year. With the incremental production from MJ field, KGD6 block is expected to contribute around 30% of India’s gas production.
-Reliance BP Mobility Limited commissioned 29 new outlets in 1H FY23. "This was despite adverse operating environment showing
strong resolve to expand fuel retail footprint."
-Jio-bp also witnessed over 490 live charging points and 80,000+ swap sessions till date alongside tender wins at over 1200 sites, including Mumbai’s BEST, CESL and DTL in Tier 1 cities.
-It also stated that it is setting up fast charging network for Mahindra dealers and supporting their launch line-up of e-SUVs.
Performance of our O2C business reflect subdued demand and weak margin environment across downstream chemical products. Transportation fuel margins were better than last year but significantly lower sequentially. Segment performance was also impacted by the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market: Mukesh Ambani
