RIL Q3 Results: Net Profit Drops 13% YoY To Rs 17,806 Cr

Reliance Industries Ltd., the largest firm in India by market capitalization, has announced its standalone and consolidated financial results for the third quarter of FY2023.

Reliance Industries' third quarter net profit fell by 13.3% to Rs 17,806 crore from Rs 20,539 crore year over year (YoY).

On a sequential basis, however, the company reported a 14.78% increase in net profit from Rs 15,512 crore.

According to the corporate filing, operating revenue increased by 15.32% YoY to Rs 2,20,592 crore from Rs 1,91,271 crore. On a quarterly basis, however, the revenue from operations fell from Rs 2,36,377 crore by 5.26%.

On the other hand, Jio Platforms, a subsidiary of Reliance Industries Ltd., posted a net profit of Rs 3,615 crore during the same quarter last year.

Jio reported operating revenue of Rs 22,998 crore, an increase of 18.9% YoY from Rs 19,347 crore in the same period last year.

The company's EBITDA was Rs 12,009 crore, with a 52.2 percent EBITDA margin. Brokerage estimates for the biggest telecom company's EBITDA were Rs 12,635 crore.

The operating margin rose to 26.6 percent, up 50 basis points YoY and 30 basis points QoQ. The net profit margin increased by 110 basis points and 10 basis points to 17.1 percent.

Reliance Jio in its regulatory filing has said, "Further to our communication dated January 13, 2023, we enclose herewith the unaudited standalone financial results of the Company for the quarter / nine months ended December 31, 2022, duly reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company, at their respective meetings held today."