Reliance Industries 1Q FY23 profit surges by 41% to Rs 194bn

Reliance Industries Limited (RIL) has reported a 40.8% increase in its net profit for the quarter ended 30 June 2022 (1Q FY23) to INR 19,443 crores ($2.5 billion), compared to INR 13,806 crores ($1.73 billion) in net profit for the same period in the previous fiscal year.

In the previous quarter, that is 4Q FY22, the Indian conglomerate headed by Mukesh Ambani had a net profit of INR 18,021 crores.

The earnings per share (EPS) of Reliance Industries Limited for the reported quarter was INR 26.5 per share, which is a year-over-year (YoY) increase of 40%.

The revenue of the Indian conglomerate in 1Q FY23 was INR 242,982 crores ($30.8 billion), an increase of 53%, compared to revenue of INR 158,862 crores ($20 billion) in 1Q FY22. In 4Q FY22, Reliance Industries Limited reported revenue of INR 232,539 crores.

Jio Platforms contributed revenue of INR 27,527 crores in 1Q FY23, which is a 23.6% increase YoY. The digital technology arm of Reliance Industries posted a net profit of INR 4,530 crores, a YoY growth of 24.1%.

In the reported quarter, Reliance Retail reported revenue of INR 58,554 crores, a 51.9% increase YoY. The retail unit of Reliance Industries had a net profit of INR 2,061 crores, which is an increase of 114.2% YoY.

Reliance Retail had a total of 15,866 physical stores operational by end of 30 June 2022 and had opened 792 stores during the reported quarter.

Reliance Industries’ oil to chemicals (O2C) business reported revenue of INR 161,715 crores, a 56.7% growth YoY. The refinery throughput for the reported quarter was at 19.8 MMT, compared to 19 MMT in 1Q FY22.

Reliance Industries 1Q FY23 profit surges by 41% to Rs 194bn. Photo courtesy of World Economic Forum from Cologny, Switzerland/Wikipedia.org.

Mukesh D. Ambani — Reliance Industries Chairman and Managing Director, commenting on Reliance Industries 1Q FY23 results, 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.”