Reliance Industries Ltd Q3 Results FY2023, Net Profit at Rs. 17,806 crores

On 20th January 2023, Reliance Industries Ltd announced its results for the third quarter of FY2023.

Key Highlights:

-  The company reported Revenue at Rs. 2,40,963 crores, with a growth of 14.8% YoY.
- EBITDA was reported at Rs. 38,460 crores, up by 13.5% YoY.
- PBT was at Rs. 23,072 crores, a growth of 3% YoY.
- Reliance reported its net profit at Rs. 17,806 crores, a growth by 0.6% YoY.

Business Highlights:

- Retail segment reported revenue was reported at Rs. 67,634 crores. The total store count stood at 17,225; in Q3FY23 789 new stores were opened.
- In the Digital services segment, revenue was reported at Rs. 30,343 crores, up by 20% YoY. ARPU stood at Rs. 178.2 with increasing per capita data consumption. The subscriber base reported at 432.9 Million, net add of 5.3 Million subscribers.
- In the O2C segment, revenue was reported at Rs. 144,630 crores. Strength in middle distillate cracks supported segment earnings, constrained by weak margins across polymer, polyester chain, and light distillates.
- Oil and Gas segment reported a revenue at Rs. 4,474 crores. The average gas price realization for KGD6 at $11.3/MMBTU, much lower than avg. Asian LNG price of $ 31 /MMBTU.
- 5G coverage expands to 134 cities with pan India rollout target of December 2023
- AJIO achieves highest quarterly revenue driven by festive sales, expands total customer base by 33% YoY.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “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 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. Our focus remains on operating safely and reliably producing vital fuel and materials for consumers. 
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. 
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.”