Reliance Industries Shows Robust Growth; Net Profit Reaches Rs 19,878 Crore, EBITDA at Rs 44,867

Mumbai, October 27: Reliance Industries Limited has registered robust growth with the net profit of Rs 19,878 crore, which is 29.7 per cent higher than the previous number on year-to-year basis. The Reliance Industries Limited informed about its consolidated results for quarterly ended September 30, 2023.

The Reliance Industries have also registered a quarterly consolidated EBITDA of Rs 44,867 crore which is higher than 30.2 per cent on year-on-year basis.

EBITDA is net income before taking out interest, tax, depreciation, and amortization expenses. Reliance Industries Net Profit Jumps 27 Pc in Q2.

The Quarterly EBITDA of Reliance Retail stands at Rs 5,820 crore, which is up by 32 per cent on year-on-year basis. According to the release, there has been a capital raise of Rs 15,314 crore in Reliance Retail from KKR, QIA and ADIA. Also, Jio have led the industry transition with 5G, JioBharat for mobility, Air Fiber for Homes and SMBs, the release stated.

The Gross Revenue of Reliance Industries stands at Rs 2,55,996 crore (USD 30.8 billion), up by 1.2 per cent year-on-year basis, supported by continuing growth momentum in consumer businesses. The Depreciation has increased by 29.4 per cent to Rs 12,585 crore (USD 1.5 billion) on expanded asset base across all the businesses, higher network utilization in Digital Services business and ramp-up in upstream production, the release stated.

Finance Costs increased by 25.8 per cent to Rs 5,731 crore (USD 690 million) primarily due to higher interest rates and currency depreciation.

Tax Expenses increased by 38.0 per cent to Rs 6,673 crore (USD 804 million) in quarter 2 of 2024.

The profit after tax improved by 29.7 per cent at Rs 19,878 crore (USD 2.4 billion), the release added. The Capital Expenditure for the quarter ended September 30, 2023 was Rs 38,815 crore (USD 4.7 billion) with continuing accelerated investments in pan-India 5G roll-out, the release stated.

Reacting on the results, Chairman and Managing Director of Reliance Industries Limited, Mukesh Ambani 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," he added.

He further said that based on the 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. Reliance Jio Launches India's First Satellite-Based Giga-Fiber Service Called 'SpaceFiber' For High-Speed and Affordable Internet.

"By December 2023, we will also complete Pan-India rollout of 5G services and set a new global benchmark for the fastest roll-out of a 5G network across a large nation. 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," Mukesh Ambani said.

He added, "The strength and diversity of our Retail business model is consistently delivering robust performance. 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".

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