In the September quarter, Reliance Industries’ profits fell marginally to Rs 13,656 crore

In the September quarter, Reliance Industries’ profits fell marginally to Rs 13,656 crore

Following the imposition of a windfall tax on the export of refined petroleum products by the government, profit fell dramatically.

Reliance Industries Limited (RIL), which is run by billionaire Mukesh Ambani, announced a net profit of Rs 13,656 crore on Friday for the quarter that ended in September 2022, a 0.17 percent decrease from Rs 13,680 crore during the same period in the previous year. Compared to the Rs 17,955 crore profit in the June quarter, its earnings fell by 24% on a sequential basis.

Following the imposition of a windfall tax on the export of refined petroleum products by the government, profit fell precipitously. The government of India levied Special Additional Excise Duty (SAED) on export of transportation fuels with effect from 1st July 2022, having a negative impact on the quarter’s earnings, which was estimated at Rs 4,039 crore, the most valued corporation in the nation stated in an exchange filing.

The operational income, which was Rs 2.32 lakh crore, increased by 34% annually.

Reliance Jio, its telecom subsidiary, declared a net profit of Rs. 4,518 crore for the quarter ending September 2022, up 28% from Rs. 3,528 crore in the same period the previous year. After becoming chairman of the firm in June of this year, Akash Ambani has released his first earnings report. Jio reported operating income of Rs 22,521 crore, a 20% increase over Rs 18,735 crore during the same quarter in 2017.

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Jio net profit rises 4.4% at Rs 4,729 crore; Arpu at Rs 177 | The Financial Express

An important indicator of profitability, Jio’s average revenue per user (ARPU), increased from Rs 143.6 in the same period last year to Rs 177.2 in the current quarter.

EBITDA, another name for Jio’s operating profit, climbed by 29% annually to Rs 12,011 crore. EBITDA stands for profits before interest, tax, depreciation, and amortization.

Reliance Retail, its retail division, reported an operational profit of Rs 4,404 crore, up 51% from the previous year thanks to a high rise of Rs 64,920 crore in gross sales, up 43%. The corporation increased the number of stores by 795 during the quarter, bringing the total to 16,617 locations with a combined space of 54.5 million square feet.

According to the Mumbai-based company, Reliance Retail now has a record-high 4 lakh+ employees, making it one of the largest employers in the nation.

Reliance Retail Q2 results: Net profit rises 36% to Rs 2,305 crore - BusinessToday

Because of increased crude oil prices, Reliance’s oil to chemicals sector saw a 32.5 percent increase in income to Rs 1,596,711 crore.

The scheduled turnaround of the primary and secondary units of the SEZ refinery for M&I resulted in a 3.6% year-over-year (Y-o-Y) decrease in RIL’s production intended for sale. In the second quarter of FY23, RIL’s cracker operating rate increased to 95% from the first quarter’s 87%. The September quarter had a 5.9% decrease in segment EBITDA. Y-o-Y to Rs 11,968 crore, principally due to SAED’s implementation on transportation fuels and smaller Polymer deltas.

We consistently observed net subscriber growth and better engagement in the digital services sector. Jio has launched a beta test for its industry-leading Standalone 5G services, and the company is moving forward quickly with its ambitious plan to build out True 5G faster than ever over the entirety of India. With a significant increase in customers, shop expansions, and digital integration, our retail division saw record performance.Reliance Industries Q2 profit at Rs 13,656 crore; revenue up 34% - BusinessToday

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The chairman and managing director of the firm, Mukesh Ambani, stated that Reliance Retail continues to offer a strong value proposition that is outstanding across all consumption baskets and price points. “Our O2C business has performed poorly owing to the unfavorable profitability environment and the general downstream chemical product demand being muted. Even though they were much lower sequentially, transportation fuel margins were stronger than last year. As he said, “the imposition of special extra excise levies throughout the quarter to maintain steady supply and decreased volatility in the domestic market had an influence on segment performance.

In advance of the release of its earnings, Reliance Industries’ stock price finished 1.16 percent down at Rs 2,471.75.

edited and proofread by nikita sharma

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