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Business Economy


RIL profit zooms 46pc to Rs 17,955 crore in Q1, revenue up 53pc

Mumbai, July 22 (UNI) On the back of higher refining margin and strong performance in retail segment, billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported 46% year-on-year jump in its net profit at Rs 17,955 crore for the quarter ending June 30, 2022.
The corporate behemoth had posted Rs 12,273 crore net consolidated profit in the April-June quarter of the financial year 2021-22.
RIL consolidated revenue zoomed 53% to Rs 2,42,982 crore in the first quarter of the current financial year (Q1FY23) as compared to Rs 1,58,862 crore in Q1FY22. The conglomerate's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the Q1FY23 was Rs 40,179 crore, higher by 45.8% year-on-year.
RIL shares closed 0.62% up at Rs 2,502.90 a piece on Friday on BSE.
In a media statement, RIL said that its O2C (oil to chemicals) business delivered best-ever quarterly performance with all-time-high revenue and EBITDA. The segment revenue for the quarter under review increased by 56.7% year-on-year to Rs 1,61,715 crore primarily on account of higher crude oil and product prices.
The retail segment also delivered a strong performance with its best-ever quarterly revenues. The segment's gross revenue was at Rs 58,554 crore for Q1FY23 registering a growth of 51.9% year-on-year.
Reliance Retail's net profit for the quarter stood at Rs 2,061 crore, higher by 114.2% year-on-year.
Jio Platforms saw its gross revenue for the quarter rising 23.6% year-on-year to Rs 27,527 crore. At Rs 11,424 crore, it posted 28.5% growth in EBITDA driven by strong revenue growth and margin improvement.
"Net subscriber addition witnessed a strong rebound to 9.7 million driven by continued strength in gross adds (35.2 million in 1Q FY23) and reduced SIM consolidation impact. ARPU (average revenue per user) improved further to Rs 175.7 led by higher customer engagement. During Q1FY23, average data and voice consumption per user per month increased to 20.8 GB and 1,001 minutes, respectively," RIL said.
Commenting on the results, RIL Chairman Mukesh Ambani said that 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," he said.
He further said that in Retail business the company continues to focus on enhancing consumer touch-points and building a stronger value proposition for the customers.
"Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures," Ambani noted.
He further said that customer engagement on the company's digital services platform remains high and Jio is working towards expanding data availability.
Meanwhile, RIL's oil and gas segment (exploration and production) revenues for the April-June quarter of FY23 increased by 183% year-on-year to Rs 3,625 crore.
The revenue of the company's media business rose 10.4% year-on-year to Rs 1,340 crore during Q1FY23, driven by the growth in entertainment ad and movie business revenues.
"In line with its growth plans, Network18 Group ramped up its investments to establish strong competitive positions across entertainment and digital news segments. With most of these investments being front-loaded and a subdued revenue growth environment, operating costs grew faster than revenue, impacting the profitability. As a result, consolidated EBITDA was Rs 46 crore, down 75.5% on a Y-o-Y basis. Operating margin was at 3.4%," RIL said.
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