Reliance Industries Ltd. (RIL) reported third-quarter consolidated net profit declined 14.9% year-on-year to ₹15,792 crore. The petrochemicals to telecoms and retailing conglomerate, however, said that profit excluding the impact of exceptional income in the year-earlier quarter grew marginally by 0.6% to ₹17,806 crore.
Gross revenue rose 14.8% year-on-year to ₹2,40,963 crore, supported by continuing growth momentum in consumer businesses, the company said in a regulatory filing.
Digital services segment achieved 20.4% Y-o-Y growth while retail segment grew by 17.2% Y-o-Y. Higher realisation in O2C business with increase in energy prices along with almost double the growth in oil and gas business also contributed to growth in revenue.
EBITDA increased by 13.5% Y-o-Y to ₹38,460 crore on account of strong growth in subscriber base and 17.5% increase in ARPU in digital services segment and growth across consumption baskets, addition of new stores and rising contribution from digital channels in the retail segment.
While Jio Platforms Ltd. reported Q3 net profit grew 28.6% to ₹4,881 crore, Reliance Retail clocked a net profit of ₹2,400 crore, up 6.2% over the year-earlier period.
“Our teams across businesses have done an excellent job in delivering strong operating performance through a challenging environment,” said CMD Mukesh D. Ambani. “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,” he said.
“Our focus remains on operating safely and reliably producing vital fuel and materials for consumers,” he added.
Mr. Ambani said Jio delivered record revenues and EBITDA driven by strong momentum in customer growth and data consumption.
“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,” he said.
“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,” he added.
“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 further said.