RIL Q2 Results: Reliance Industries Announces A Net Profit Of Rs 17,394 Crore

Last updated: 2023/10/27 at 9:06 PM

By Alka Kumari

RIL Q2 results: Reliance Industries recorded a Q2 profit of Rs 17,394 crore in the current fiscal year’s September quarter.

Contents

Reliance Jio Reliance Retail Frequently asked questions What is RIL?Who owns RIL?What is reliance jio 5g?

SUMMARY
Reliance’s quarterly EBITDA was Rs 44,867 crore, up 30% year on year.
RIL’s stock closed 1.8% higher on the BSE on Friday, at Rs 2,266.15.
Following a drop in refined gasoline prices, the corporation reported decreased profitability.

Reliance Industries Ltd, helmed by Mukesh Ambani, reported a 27% increase in consolidated net profit (attributable to owners) at Rs 17,394 crore for the quarter ending September 30, 2023, bolstered by strength in its primary oil-to-chemicals (O2C) sector. In the previous fiscal year, it reported a combined net profit of Rs 13,656 crore. Following a drop in refined gasoline prices, the corporation reported decreased profitability. The oil-to-telecom conglomerate’s consolidated revenue increased 1% to Rs 2.34 lakh crore in Q2FY24, compared to Rs 2.32 lakh crore in Q2FY23. RIL’s stock closed 1.8% higher on the BSE on Friday, at Rs 2,266.15.

“Despite volatility in energy markets, the O2C segment performed well, driven by strong growth in fuel demand in a supply-constrained market.” Global demand weakness and a supply overhang weighed on downstream profitability. “The growth of the oil and gas business is particularly notable, with production from the KGD6 block ramping up and providing valuable fuel for the Indian economy’s energy transition,” said RIL Chairman Mukesh Ambani.

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Reliance’s quarterly EBITDA was Rs 44,867 crore, up 30% year over year. In Q2 FY24, the conglomerate’s net debt fell to Rs 2.95 lakh crore, down from Rs 3.18 lakh crore in Q1 FY24. In Q2 FY24, it had Rs 1.77 lakh crore in cash and cash equivalents, which included a Rs 10,347 crore capital raising in Reliance Retail. According to a stock exchange statement, RIL’s capital expenditure for the quarter ended September 30, 2023, was Rs 38,815 crore, with ongoing increased expenditures in the pan-India 5G roll-out.

Reliance Jio

Reliance Jio Infocomm, Reliance Industries’ telecom unit, reported a 4% sequential increase in net profit due to greater expenses and the absence of tariff increases. Jio’s net profit increased 4% year on year to Rs 5,058 crore in the July-September quarter, from Rs 4,863 crore in the previous quarter. Revenue increased by 3% to Rs 24,750 crore in Q2 FY24, compared to Rs 24,042 in Q1 FY24. Jio’s average revenue per user (ARPU) increased to Rs 181.7 in Q2 FY24, up from Rs 180.5 in the previous quarter.

“Jio True5G will soon be available pan-India to usher in a new digital era for Indians,” said Akash Ambani, Chairman of Reliance Jio Infocomm. JioAirFiber has seen a surge in customer demand and is poised to alter the country’s broadband infrastructure by providing families and small businesses with a fiber-like digital experience. Jio’s three major growth engines are ubiquitous 5G, JioBharat, and JioAirFiber, which will accelerate market share gains and profitability.”

Reliance Retail

Reliance Retail’s net profit increased 21% to Rs 2,790 crore in Q2FY24, from Rs 2,305 crore the previous year. Its income from operations increased by 19.5% to Rs 68,937 crore in Q2FY24, from Rs 57,694 crore in Q2FY23.

“I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics,” stated Isha Ambani, Executive Director, Reliance Retail Ventures Limited. The performance is a credit to Reliance Retail’s customer-centric strategy, and we look forward to servicing our consumers this holiday season with renewed hope and enthusiasm.”

Mukesh Ambani said: “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.”

Frequently asked questions

What is RIL?

Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai. Its businesses include energy, petrochemicals, natural gas.