Reliance Industries Q4 Net Profit Surges To Rs 19,299 Crores, Beats Estimates

Reliance Industries on Friday reported a solid quarterly performance for the period ending March 31, 2023, with net profits surging to Rs 19,299 crores, beating most estimates by a distance. The net profits surprised on the higher side, led by good performance across verticals, particularly digital.
Gross Revenue for the quarter ending March 31, 2023 was Rs 239,082 crore ($ 29.1 billion), up 2.8% Y-o-Y, supported by continuing growth momentum in consumer businesses.

Digital Services segment achieved 15.4% Y-o-Y growth while Retail segment grew by 19.4% Y-o-Y. Revenue from Oil & Gas segment doubled Y-o-Y on account of higher price realisations. However, this was partially offset by decrease in revenue from O2C business on account of sharp decrease in crude oil prices and lower price realisation on downstream products.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, "I am happy to note Reliance's initiatives in digital connectivity and organized retail are driving greater efficiencies in the economy and contributing to India's emergence as one of the fastest growing economies in the world. Jio continues to digitally empower millions of citizens across the nation, extending True 5G reach to 2,300+ cities and towns in a short span of 6 months. With steady growth in mobility and FTTH subscriber base and an expanding bouquet of content and digital services, the Jio business continues to deliver impressive growth in operating profits," he stated.

Retail business registered excellent growth numbers backed by expansion of physical and digital footprint and a significant increase in footfall.

"We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices. Our retail team has an unwavering focus on enhancing consumer experience and ease of shopping," Ambani stated.

O2C segment posted its highest-ever operating profit despite global uncertainties and disruptions in commodity trade flows. THE oil and gas segment also delivered very strong growth and is now poised to contribute nearly 30% of India's domestic gas production.