Reliance Industries 4Q FY23 profit increases by 18% to Rs 213bn

Reliance Industries Limited (RIL) has reported an 18.3% increase in its net profit for the quarter ended 31 March 2023 (4Q FY23) to INR 21,327 crores, compared to INR 18,021 crores in net profit for the same period in the previous fiscal year, as per a media release issued by the group.

In 3Q FY23, the Indian conglomerate had a net profit of INR 17,806 crores.

The gross revenue of Reliance Industries Limited in 4Q FY23 was INR 232,539 crores, an increase of 2.8%, compared to revenue of INR 239,082 crores in 4Q FY22. The increase was driven by continuing growth momentum in consumer businesses, said Reliance Industries Limited.

Digital Services segment witnessed a year-over-year (YoY) growth of 15.4% while the retail business posted a 19.4% YoY growth.

The oil and gas business of Reliance Industries Limited doubled its revenue in the reported quarter YoY owing to higher price realizations. However, this was offset partly by decreased revenue from O2C business due to a sharp decline in crude oil prices and lower price realization on downstream products.

In 3Q FY23, the group’s gross revenue stood at INR 240,963 crores.

For the fiscal year 2023 (FY23) ended 31 March 2023, Reliance Industries Limited posted a profit after tax of INR 74,088 crores, which is an increase of 14%, compared to INR 65,009 crores in the previous fiscal year.

The FY23 gross revenue was INR 976,524 crores, which is a 23.2% growth compared to INR 792,756 crores in FY22.

Mukesh D. Ambani — Reliance Industries Limited Chairman and Managing Director said: “I am happy to note Reliance’s initiatives in digital connectivity and organized retail are driving greater efficiencies in the economy and contributing to India‘s emergence as one of the fastest growing economies in the world.”