Reliance Industries Q3FY23 Profit Falls 15% YoY To Rs 15,792 Cr

Reliance Industries on Friday reported a 15 per cent year-on-year (YoY) slump in its consolidated net profit at Rs 15,792 crores compared to a profit of Rs 18,549 crore in the same quarter last year.

Its revenuer from operations increases 15.3 per cent YoY to Rs 2.20 lakh crore.

Sequentially, however, its profit grew 15.6 per cent as in Q2FY23, it had record a consolidated net profit of Rs 13,656 crore.

Its revenue from operations fell 5.3 per cent sequentially as in the second quarter of the fiscal, it had come in at Rs 2.32 lakh crore.

Its consolidated EBITDA came in at Rs 38,460 crore, up 13.5 per cent YoY.

The board of directors on Friday also approved fundraising to the tune of Rs 20,000 crore through non-convertible debentures.

These will be issues in one or more tranches and on a private placement basis.

”Our teams across businesses have done an excellent job in delivering strong operating performance through a challenging environment. All segments contributed to robust growth in consolidated EBITDA on YoY basis,” said Mukesh Ambani, Chairman, Reliance Industries.

The retail arm of the conglomerate, Reliance Retail reported a 6.2 per cent jump in its consolidated net profit in the quarter gone by to Rs 2,400 crore.

The revenue of the retail arm went up by 17.1 per cent to Rs 67,634 crore, compared to Rs 57,717 crore in the same quarter last year.

”Retail business had another quarter of strong progress with more Indian choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability,” said Ambani.