Reliance Industries Ltd Q1 Results FY2023, PAT at Rs. 19443 crores

On 22nd July 2022, Reliance Industries Ltd announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported its gross revenue at Rs. 242,982crore in Q1FY23 as against Rs.158,862 lakh crore seeing a growth of 52.95% YoY

- EBITDA stood at Rs. 40,179 crore with a growth of 45.8% YoY.

- The company reported its PAT at Rs. 19443 crores with a growth of 40.83% YoY.

- Reliance’s operating margin stood at 11.9% in Q1FY23 from 10.4% in Q1FY22.

Segment Revenue:

-The Oil to Chemical (O2C) Business reported revenue at Rs. 161715 crores with a growth of 56.68%.

- The Oil and Gas segment reported revenue at Rs. 3625 crores with a growth of 182.98% YoY.

- The retail segment posted a growth of 51.88% YoY with revenue at Rs. 58569 crores

- The digital services segment reported a growth of 21.83% YoY with revenue at Rs. 28511 crores.

- The financial services segment posted revenue at Rs. 271 crores with a growth of 44.35% YoY.

- The other segments posted revenue at Rs. 15522 crores up by 28.37% YoY.

Commenting on the results, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd said: “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever.

I am also happy with the progress of our Consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures.

Customer engagement on our Digital Services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions.

Reliance is committed to invest in India’s energy security. Our New Energy business is forging partnerships with technology leaders in solar energy storage solutions and the hydrogen ecosystem. These partnerships will help us realize the vision of clean, green and affordable energy solution for all Indians.”