“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,” said RIL Chairman Mukesh Ambani.
“Reliance’s Oil & Gas segment quarterly revenues jumped 71.8% to Rs 6,620 crore mainly on account of higher production of Gas & Oil and commencement of Condensate production from MJ field along with 6% higher gas price realization in KG D6,” said RIL.
- Reliance Industries (RIL) announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a rise of 27 per cent in consolidated net profit at ₹17,394 crore, compared to ₹13,656 crore in the corresponding period last year. The growth in net profit was driven by higher EBITDA and a stronger retail business.
- Consolidated revenue rose 1% to Rs 2.34 lakh crore in Q2FY24 as against Rs 2.32 lakh crore in Q2FY23.
- Reliance’s quarterly EBITDA stood at Rs 44,867 crore, up 30% on an annual basis.
- The conglomerate’s net debt declined to Rs 2.95 lakh crore in Q2FY24 as compared to Rs 3.18 lakh crore in Q1FY24.
- Its cash and cash equivalents in Q2FY24 stood at Rs 1.77 lakh crore, which includes Rs 10,347-crore capital raise in Reliance Retail.
- Capital expenditure for the quarter ended September 30, 2023 was Rs 38,815 crore with continuing accelerated investments in pan-India 5G roll-out.
- The company posted lower margins following a fall in refined fuel prices.
- The telecom arm reported its smallest increase in profit in seven quarters on the back of higher expenses.
Reliance Jio
- Reliance Jio Infocomm posted only 4% sequential rise in net profit due to higher expenses and the absence of tariff increases.
- Jio’s net profit rose 4% to Rs 5,058 crore in the July-September quarter from Rs 4,863 crore in June quarter.
- Revenue rose 3% to Rs 24,750 crore in Q2FY24 as against Rs 24,042 in Q1FY24. Jio’s average revenue per user (ARPU) rose to Rs 181.7 in Q2FY24 as compared to Rs 180.5 a quarter ago.
- Akash Ambani, Chairman of Reliance Jio Infocomm, said: “Jio True5G will soon be available pan-India to usher in a new digital era for Indians. Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability.”
Reliance Retail
- Reliance Retail‘s net profit rose 21% to Rs 2,790 crore in Q2FY24 as against Rs 2,305 crore in the year-ago period.
- Its revenue from operations rose 19.5% to Rs 68,937 crore in Q2FY24 as compared to Rs 57,694 crore in Q2FY23.
