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Reliance Industries Limited, country's largest company by market capitalisation, has announced its standalone and consolidated financial results for third quarter of FY2023. The Mukesh Ambani-led diversified conglomerate delivered strong operating performance for the quarter ended December FY23, with contribution from all segments.
"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 YoY basis," Mukesh Dhirubhai Ambani, Chairman and Managing Director said.
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1)Bottomline
Consolidated net profit for the third quarter of FY23 stood at Rs 17,806 crore, down 13.30 percent year-on-year (YoY). Profit after tax, excluding the impact of an exceptional item that boosted the bottomline in 3QFY22, marginally improved by 0.6 percentyear-on-year. RIL had booked sale from its divestment of shale gas assets that resulted in an exceptional item of Rs 2,836 crore in the third quarter a year ago.
Net profit attributable to owners of the company, excluding non-controlling interest was Rs 15,792 crore, which was 15 percentlower than a year ago.
2)Topline
The consolidated gross revenue for the quarter at Rs 2.4 lakh crore increased by 14.8 percent compared to corresponding period last financial year.
3) Operating Performance
The oil-telecom-to-retail conglomerate has recorded a 13.5 percentYoYincrease in EBITDA at Rs 38,460 crore for the quarter. EBITDA is earnings before interest, tax, depreciation andamortisation.
4)JioPlatforms
Consolidated profit for the quarter grew by 28.6 percent to Rs 4,881 crore compared to corresponding period last fiscal, with nearly 17 percent on-year fall in finance cost at Rs 1,047 crore in Q3FY23.
JioreportedARPUat Rs 178.2 per subscriber per month, up from Rs 177.2 in previous quarter and gaining significantly from Rs 151.6 in same quarter of last financial year.
6) Reliance Retail
Reliance Retail business recorded highest ever quarterly revenue and EBITDA for the quarter with highest ever footfall at 201 million across formats and geographies for Q3FY23, against 160 million footfall in Q3FY22 and 180 million in Q2FY23.
7) O2C Business
The business recorded revenue at Rs 1.44 lakh crore for the quarter ended December FY23, growing 10 percent over the corresponding period last fiscal led by higher pricerealisationas crude oil prices went up by 11 percent.
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Reliance Industries stated that its board has approved Rs 20,000 crore fundraising via non-convertible debentures (NCDs) through a private placement basis.
"We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. January 20, 2023, has inter alia approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to Rs 20,000 crore, in one or more tranches / series, on a private placement basis," RIL said in an exchange filing.
"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."
Jio reported average revenue per user (ARPU) for the December quarter stood at Rs 178.20, rising from Rs 177.2 in the previous quarter. Reliance Jio added 5.3 million subscribers in the October-December quarter.
"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.”
-Oil-to-Chemicals revenues increased on account of higher price realisation as crude oil prices went up by 11%.
-Revenue growth was constrained by lower throughput with planned maintenance and inspection activity turnaround during the quarter.
-O2C exports increase led by higher price realisations despite lower downstream product volumes.
-EBITDA growth was supported by strength in middle distillate cracks. But partially offset by weak margins across polymer, polyester chain and light distillates products.
-Special Additional Excise duty in Oil-to-Chemicals business on transportation fuels also impacted earnings by ₹ 1,898 crore.
Reliance Jio Infocomm Chairman Akash Ambani: Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences.
True5G services rolled out in 134 cities across 22 States and Union Territories of India. Jio remains on track to complete its pan India 5G rollout by December 2023.
Retail arm of Reliance Industries' revenue from operations at Rs 67,634 crore in the quarter ended December 2022.
Consolidated revenue for Reliance Retail stood at Rs 57,717 crore in the same period last year.
Net profit for the quarter rose 6.2 percent YoY to Rs 2,400 crore. Net profit was Rs 2,259 crore in Q3 FY22. This was in-line with analyst expectations. The Street had forecast Reliance Retail to continue its strong growth show with an improvement in footfalls during the festive season and the benefits of operating leverage.
The company said it recorded its highest ever footfalls at 201 million across formats and geographies.
Net Profitat Rs 17,806 crore - marginally higherYoY, with higher finance cost and depreciation
Revenue at Rs 240,963 crore, up 14.8%YoY with traction in consumer businesses and higher oil prices
EBITDA at Rs38,460 crore, up 13.5% YoY led by consumer businesses and upstream
Digital Services EBITDA at Rs12,900 crore, up 26%
Retail EBITDA at Rs4,786 crore, up 25%
Oil & Gas EBITDA at Rs3,880 crore, up 91%
O2C EBITDA at Rs 13,926 crore, up 3%
