Reliance Industries Ltd on Friday posted its second quarter earnings with profit at Rs 17,394 crore, up 27.4 per cent on-year as against Rs 13,656 crore during the corresponding quarter of last year. The conglomerate recorded revenue from operations at Rs 234,956 crore, up 1.2 per cent in comparison to Rs 232,217 crore during Q2FY23. The company EBITDA stood at Rs 40,968 crore.
RIL’s revenue growth during the quarter was supported by continuing growth momentum in consumer businesses. It said that the revenue for JPL increased by 10.6 per cent on-year, led by 7.5 per cent increase in subscriber base and higher ARPU. Revenue for RRVL grew by 18.8 per cent with growth momentum across consumption baskets, led by food & grocery which grew by 33 per cent. Revenue from the Oil & Gas segment increased significantly with incremental production of gas and condensate from the MJ field. And finally, O2C revenue declined 14 per cent with decrease in crude oil prices leading to lower price realization for products.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth. I am happy that Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, JioAirFiber and JioBharat phone. Based on our state-of-the-art standalone 5G network, JioAirFiber significantly expands the reach and benefit of high-speed connectivity to millions of households across India. JioBharat phone will enable digital inclusion for millions of Indians and catalyse India’s transformation to next-gen connectivity solutions.” He further stated that the company is working towards pan-India rollout of 5G services and will complete this by December 2023.
“Reliance Retail has continued to rapidly expand its offline as well as online presence, while adding to its already impressive range of products and offering. We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our Retail business model is consistently delivering robust performance,” Mukesh Ambani said.
“Resilient performance of the O2C segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market. Weak global demand and supply-overhang continued to impact downstream margins. The growth of oil and gas business is particularly noteworthy with production from KGD6 block ramping up and providing valuable fuel for energy transition to the Indian economy,” he added.
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