Billionaire Mukesh Ambani-led Reliance Industries (RIL) reported a 27 per cent increase in consolidated net profit at Rs 17,394 crore in the July-September quarter (Q2FY24), compared to Rs 13,656 crore in the corresponding quarter last year.
Consolidated revenue from operations remained flat at Rs 2.34 lakh crore in the quarter as against Rs 2.35 lakh crore in the year-ago period. Consolidated EBITDA grew 30 per cent year-on-year (YoY) to Rs 44,867 crore. EBITDA margin jumped 390 basis points YoY to 17.5 per cent.
“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 the energy transition to the Indian economy,” said chairman Mukesh Ambani.
Reliance Retail recorded net profit of Rs 2,790 crore, 21 per cent year-on-year in September quarter.
The oils-to-chemicals business reported a net profit of Rs 13,656 crore. The O2C segment delivered strong results on the back of robust domestic demand, optimized feedstock costs, and the favorable performance of gasoline and PVC (Polyvinyl Chloride) margins.
However, Reliance Jio Infocomm, India’s biggest telecom operator in terms of subscribers, reported its slowest profit growth in seven quarters, due to higher expenses and a lack of recent tariff hikes.
The telecom arm’s average revenue per user (ARPU) increased 2.6 per cent YoY to Rs 181.70, compared to Rs 180.50. The company added a total of 11.2 million subscribers during the quarter.