RIL’s net increased by 10.9% as its retail and digital divisions performed well

Reliance Industries Ltd (RIL), the largest listed company by market capitalization, reported a 10.9-percent increase in consolidated net profit at Rs 19,641 crore for the quarter ended December 2023 as opposed to Rs 17,706 crore in the same period last year. This increase was aided by profits posted by the company’s digital and retail arms.

In comparison to Rs 15,792 crore a year earlier, the net profit (attributable to the company’s owners) increased by 9.3% to Rs 17,265 crore in the third quarter (Q3FY24).
Operational revenue increased 3.2% from Rs 240,532 in Q2 of the previous year to Rs 248,160 crore in Q3.

The digital division of RIL, Jio Platforms Ltd., saw an increase in net profit of 11.6% to Rs 5,445 crore in the December quarter compared to Rs 4,881 crore in the same period the previous year. Revenue was Rs 32,510 crore, up from Rs 29,195 crore.

The retail arm of RIL, Reliance Retail Venture Ltd (RRVL), reported sales of Rs 83,063 crore (Rs 67,623 crore) and a net profit of Rs 3,165 crore in the most recent quarter, compared to Rs 2,400 crore the previous year.

“Jio has completed the world’s quickest deployment of True 5G services in India. High-speed digital connection has now reached every city, town, and hamlet in the nation. This, according to RIL Chairman and Managing Director Mukesh D Ambani, will usher in a new era of unmatched digital accessibility and technology-led progress.

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He also praised the retail division of the firm for its financial results. “Reliance Retail’s continued goal is to improve the shopping experience for its customers by expanding its selection of brands and products. Ambani said about RRVL, “Its new commerce initiatives continue to support millions of small merchants’ technological growth journeys, generating immense societal value.”

According to him, the oil and gas industry had its highest-ever quarterly profits before depreciation, taxes, and amortization (EBITDA). Today, KG D6 accounts for 30% of India’s gas output, supporting the country’s move to a cleaner and greener future. The oil-to-chemical (O2C) sector demonstrated robust performance, supported by robust domestic demand and operational flexibility. According to him, Reliance is the first business in India to recycle pyrolysis oil chemically into circular polymers.

RIL’s oil-to-chemicals division had a 2.4% decrease in revenue to Rs 141,096 crore ($17.0 billion), mostly due to reduced price realization caused by a 5.3% drop in the average price of Brent crude oil. Benchmarks for crude oil fell as a result of seasonal declines in demand and worries about a worldwide economic downturn. OPEC countries’ dramatic reductions in output did not affect the availability of crude, it said.

RIL’s Friday closing price on the BSE was almost unchanged at Rs 2,735.05. Compared to the 52-week low of Rs 2,012.14, it has increased by 36%.