RIL Q3: Net Profit Comes In At Rs 17,806 Crore, Revenue Rises 15% YoY

Reliance Industries Limited (RIL) on January 20 said its revenue from operations for the quarter ended December 2022 (Q3FY23) came in at Rs 220,592 crore, up 15.32 percent against Rs 191,271 crore reported a year ago.

Its consolidated net profit for the quarter stood at Rs 17,806 crore, down 13.30 percent year-on-year (YoY). The company had reported a net profit of Rs 20,539 crore in the same quarter last year.

According to an analyst poll conducted by Moneycontrol, its net profit was expected to grow 4.4 percent to Rs 16,366 crore from a year earlier. Revenue was expected to rise 21 percent YoY to Rs 2.23 lakh crore.

The company said its EBITDA increased by 13.5 percent YoY to Rs 38,460 crore ($4.6 billion), on account of strong growth in subscriber base for its digital business, growth across consumption baskets, improvement in middle distillate cracks and higher gas price realization with increase in ceiling price, and marginally higher volumes in the Oil & Gas segment.

“All segments contributed to the robust growth in consolidated EBITDA on YoY basis,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries. “Our teams across businesses have done an excellent job in delivering strong operating performance through a challenging environment.”

Jio Platforms

Jio Platforms, which is the telecom and digital services subsidiary of the company, reported 28.6 percent YoY growth in net profits at Rs 4,881 crore. Its revenue from operations was at 24,892 crore, up 20.9 percent YoY. EBITDA increased 25.1 percent YoY to 12,519 crore.

Revenue growth was driven by steady increase in both subscriber base and Average Revenue Per User (ARPU)for the connectivity business. EBITDA increase led by revenue growth and margin improvement, the company said, adding that EBITDA margin increased by 170 basis points due to increased ARPU and benefit from lower spectrum usage charges.

Net subscriber addition was 5.3 million as gross adds remained strong at 34.2 million in 3Q FY23, RIL said. ARPU increased 17.5 percent YoY to Rs 178.20 per subscriber per month due to better subscriber mix. Sequentially, it rose 0.56 percent.

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