RIL records a flat profit of Rs 21,243 crore
Reliance Industries, a company that combines energy and retail, said on Monday that its net income for the quarter ended March 21st, 2017, was Rs 21,243 crore. However, a rebound in its main oil and petrochemicals industry as well as continued momentum from the telecom and retail sectors helped the company’s yearly profits reach a new high of over Rs 1 lakh billion
The Mukesh Ambani-led business broke two milestones for the whole fiscal year, surpassing the threshold of Rs 10 lakh crore in combined sales and the Rs 1 lakh crore mark in consolidated pre-tax profit. Net profit increased to Rs 69,621 crore from Rs 66,702 crore in the previous fiscal year. Its consolidated pre-tax profit increased to Rs 1,04,727 crore in FY24, while its sales increased 2.6% to Rs 10,122 crore.
The company’s major cash cow, the oil-to-chemicals division, recorded both yearly and sequential profitability improvement, while the retail division’s profits increased due to new store openings despite decreased foot traffic. As it surpassed competitors in terms of data traffic and new customer acquisition, telecom income skyrocketed. Despite an 8.5% fall in exports, the core businesses of petrochemicals and oil refining recorded an 11% increase in revenue at Rs 26,3834 crore.
With a flat per-user revenue of Rs 181.7, Jio Inforcom’s customer base grew to 48.18 crore by the end of December. As a result, its revenue increased to Rs 33,835 crore, and it earned a net profit of Rs 5,583 crore in the fourth quarter, 12% more than it did in the same period the previous fiscal year. The increase in data traffic to 40.9 billion GB from 38.1 billion GB in the previous December quarter also helped the firm.
Jio reported a profit of `21,424 crore for the whole year, up from Rs 19,124 crore in FY23. While the number of stores increased from 18,774 to 18,836, the retail sector’s profit increased by 11.7% to Rs 2,698 crore. Although fewer visitors came in at 27.2 crore from 28.2 crore in the December 2023 period, they still made up more than the 21.9 crore seen in the March 2023 quarter.
Pre-tax income from oil and gas jumped 47.5% to Rs 5,606 crore, somewhat offsetting lower price realization due to increased gas volume.
Currently, the flagship KG-D6 oil and gas block in the Krishna Godavari basin is producing 23,000 barrels of oil/condensate and around 30 million standard cubic meters of gas per day.
From Rs 3.11 lakh crore in December, to Rs 3.24 lakh crore now, it owes money. However, as of the end of March, its cash position was just Rs 2.08,341 crore, or Rs 1.16 lakh crore net debt, which is somewhat less than the Rs 1.25 lakh crre net debt as of March 2023. All business areas have reported strong financial and operational figures, according to Chairman Mukesh Ambani.
