Mukesh Ambani-led conglomerate Reliance Industries reported a net profit net profit of Rs 21,243 crore. Gross revenue for the reported quarter stood at Rs 264,834 crore, up 10.8 per cent year-on-year (YoY) compared to Rs 2,38,957 crore in the year-ago quarter, supported by double-digit growth in O2C and consumer business.
The company’s EBITDA witnessed a strong growth of 14 per cent YoY to Rs 47,150 crore in the March quarter, while margins expanded 50 basis points to 17.8%.
In addition, the board has approved a second dividend of Rs 10 per share for FY24.
On Tuesday morning, shares of Reliance Industries surged 0.85 per cent to Rs 2,986.05 on the BSE. However, it soon fell nearly 1 per cent to Rs 2,935.
Advertisement
Segment-wise, the oil-to-chemicals business posted a strong recovery during the quarter by clocking revenue growth of 11 per cent YoY to Rs 1.42 lakh crore. The growth was primarily led by improved realisation for the transportation of fuel segment and higher volumes.
EBITDA grew 3 per cent YoY to Rs 16,777 crore, on the back of advantageous feedstock sourcing, ethane cracking, and higher domestic product placement.
"Strong demand for fuels globally, and limited flexibility in the refining system worldwide, supported margins and profitability of the O2C segment," Chairman Mukesh Ambani said.
The company’s digital unit Jio Platforms reported operating revenue of Rs 28,871 crore, up 13 per cent YoY, driven by strong subscriber growth across mobility and homes, and the benefit of mix improvement in ARPU.
Advertisement
EBITDA for the business grew 12 per cent YoY to Rs 14,360 crore. Net profit increased 12 per cent on a yearly basis to Rs 5,583 crore.
For the retail business, revenue from operations grew 10.6 per cent to Rs 76,627 in the quarter, driven by growth in consumer electronics and fashion & lifestyle. EBITDA increased 18.1 per cent to Rs 5,632 crore compared to the year-ago quarter.
The business expanded its store footprint across consumption baskets, opening 1,840 stores with a gross area addition of 15.6 million sq feet. Total store count stood at 18,836 covering an area of 79.1 million sq feet.
Just one email a week