RIL Q3 net profit declines 13%, revenue from ops up 15% to Rs 2.2 trn

Reliance Industries posted a decline of 13.3 per cent in its net profit in Q3FY23 to Rs 17,806 crore from Rs 20,539 crore year-on-year (YoY), the company said in a BSE filing.

However, on sequential basis, the company posted a rise in net profit of 14.78 per cent from Rs 15,512 crore.

Revenue from operations was up by 15.32 per cent to Rs 2,20,592 crore from Rs 1,91,271 crore YoY, the company filing said. However, on quarter-on-quarter basis, the revenue from operations declined by 5.26 per cent, from Rs 2,36,377 crore.

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

RIL’s gross revenue came at Rs 2,40,963 crore in Q3FY23 against Rs 2,09,823 crore YoY, which is an increase of 14.8 per cent.

“In O2C business, middle distillate product fundamentals remain strong with firm demand, constrained supply, and high natural gas prices in Europe. Downstream chemical products witnessed margin pressure with excess supply and relatively weak regional demand. Our focus remains on operating safely and reliably producing vital fuel and materials for consumers”, he said.

“Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability”, Ambani added.