Q1 Results: Reliance Industries Net Profit Jumps 46% To Rs 17,955 Cr
Reliance Industries Ltd (RIL) on Friday released its financial results for the quarter ended June 30, 2022 and reported a 46.29 per cent year-on-year (YoY) increase in its consolidated profit at Rs 17,955 crore compared to Rs 12,273 crore in the same quarter last year.
Its revenue from operations grew 54.54 per cent YoY to Rs 2,23,113 crore compared to Rs 1,44,372 crore in the year ago quarter.
Consolidated Ebitda for the quarter came in at Rs 40,179 crore, up 45.80 crore YoY. Cash profit stood at Rs 31,916 crore, up 46.2 per cent YoY.
The company said the quarter saw the highest ever revenue for O2C business in a volatile environment.
The refining and petrochemical division posted its highest ever quarterly revenue aided by a tight global energy market.
The segment reported a 56.7 percent YoY growth in revenues to Rs 1.6 lakh crore aided by strong gross refining margins in the international market.
The embargo by the European Union on Russian oil products, higher gas to oil switching, strong travel demand and lower product inventory levels resulted in tight fuel markets, RIL said.
“Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever," said RIL Chairman Mukesh Ambani.
Ambani further said that the company's New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system.
Reliance Retail too delivered a strong performance with its best-ever quarterly revenues in a macro environment that remained challenging. Gross Revenue was at Rs 58,554 crore (USD 7.4 billion) for Q1FY23, registering a growth of 51.9 per cent YoY. The business posted an Operating Ebidta of Rs 3,897 crore, up 180.4 per cent YoY. Net profit for the quarter was Rs 2,061 crore higher by 114.2 per cent YoY.
On BSE, RIL shares closed at Rs 2502.90 apiece, up by Rs 15.50 or 0.62 per cent. Its market cap is around Rs 16,93,245.73 crore. RIL is the largest company in India in terms of market share.
