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RIL reports strong operating performance for Q3 | Key Takeaways1) BottomlineConsolidated profit after tax marginally increased by 0.6 percent year-on-year to Rs 17,806 crore for three-month period ended December FY23. The numbers excluded the impact of exceptional item. The company had an exceptional income of Rs 2,836 crore in year-ago quarter.2) ToplineThe consolidated gross revenue for the quarter at Rs 2.4 lakh crore increased by 14.8 percent compared to corresponding period last financial year.3) Operating PerformanceThe oil-telecom-to-retail conglomerate has recorded a 13.5 percent YoY increase in EBITDA at Rs 38,460 crore for the quarter. EBITDA is earnings before interest, tax, depreciation and amortisation.4) Jio PlatformsConsolidated profit for the quarter grew by 28.6 percent to Rs 4,881 crore compared to corresponding period last fiscal, with nearly 17 percent on-year fall in finance cost at Rs 1,047 crore in Q3FY23.Jio reported ARPU at Rs 178.2 per subscriber per month, up from Rs 177.2 in previous quarter and gaining significantly from Rs 151.6 in same quarter of last financial year.6) Reliance RetailReliance Retail business recorded highest ever quarterly revenue and EBITDA for the quarter with highest ever footfall at 201 million across formats and geographies for Q3FY23, against 160 million footfall in Q3FY22 and 180 million in Q2FY23.7) O2C BusinessThe business recorded revenue at Rs 1.44 lakh crore for the quarter ended December FY23, growing 10 percent over the corresponding period last fiscal led by higher price realisation as crude oil prices went up by 11 percent.READ MORE
Global gas price expected to remain high in near-time: RIL
RIL Oil & Gas head Sanjay Ro : Global gas price realization expected to remain high in near-time even though some cool off has happened
RIL Joint CFO: Crude oil prices declined 12% in Q3FY23 on demand, recession fears in Europe, USA
RIL Joint CFO: India demand for fuels, downstream products remained strong even as global demand declined
RIL Joint CFO: Demand from Asia Pacific supported middle distillate cracks in Oil-to-Chemicals business
RIL Joint CFO: Expecting new refining capacity to come up globally which may limit upside in margin
RIL announces Rs 20,000 crore fundraising via NCDs
Reliance Industries stated that its board has approved Rs 20,000 crore fundraising via non-convertible debentures (NCDs) through a private placement basis.
“We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. January 20, 2023, has inter alia approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to Rs 20,000 crore, in one or more tranches / series, on a private placement basis,” RIL said in an exchange filing.
RIL Joint CFO: Energy businesses accounted for 70 percent of incremental growth on a quarter-on-quarter basis.
RIL Q3 Earnings: Finance cost up primarily due to interest rate hikes by central banks and higher loan balances, says Reliance.
Jio delivered record revenue & EBITDA, says Mukesh Ambani
“Jio delivered record revenues and EBITDA driven by strong momentum in customer growth and data consumption. This quarter we launched True 5G services. It is now available in 134 cities and towns in India, enhancing customer experience while enabling next generation services. It is heartening that customers recognise the great value and world class connectivity that Jio offers on its 4G and 5G networks.”
Jio reported average revenue per user (ARPU) for the December quarter stood at Rs 178.20, rising from Rs 177.2 in the previous quarter. Reliance Jio added 5.3 million subscribers in the October-December quarter.
RIL Q3 Earnings: Mukesh Ambani on retail business
“Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability.”
“Our upstream business delivered robust growth with sustained production from KG D6 block along with higher realization. We are on track to reach 30 MMSCMD of gas production in FY 24 after the commissioning of MJ field. This will significantly enhance India’s energy security in a volatile energy market environment.”
Making rapid progress in implementation of new energy giga factories at Jamnagar: Mukesh Ambani
“We are making rapid progress towards implementation of new energy Giga factories at Jamnagar as part of our commitment to revolutionizing the green energy sector. Our strong balance sheet and robust cash flows remains the cornerstone of our commitment in growing existing businesses as well as investing in new opportunities.”
RIL Q3 Earnings LIVE: O2C revenues rise on higher crude prices
-Oil-to-Chemicals revenues increased on account of higher price realisation as crude oil prices went up by 11%.
-Revenue growth was constrained by lower throughput with planned maintenance and inspection activity turnaround during the quarter.
-O2C exports increase led by higher price realisations despite lower downstream product volumes.
-EBITDA growth was supported by strength in middle distillate cracks. But partially offset by weak margins across polymer, polyester chain and light distillates products.
-Special Additional Excise duty in Oil-to-Chemicals business on transportation fuels also impacted earnings by ₹ 1,898 crore.
Reliance Jio Chairman Akash Ambani on 5G update:
Reliance Jio Infocomm Chairman Akash Ambani: Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences.
True5G services rolled out in 134 cities across 22 States and Union Territories of India. Jio remains on track to complete its pan India 5G rollout by December 2023.
Reliance Retail Q3 earnings: Revenue jumps 17%, net profit up 6.2% on highest ever footfalls
Retail arm of Reliance Industries’ revenue from operations at Rs 67,634 crore in the quarter ended December 2022.
Consolidated revenue for Reliance Retail stood at Rs 57,717 crore in the same period last year.
Net profit for the quarter rose 6.2 percent YoY to Rs 2,400 crore. Net profit was Rs 2,259 crore in Q3 FY22. This was in-line with analyst expectations. The Street had forecast Reliance Retail to continue its strong growth show with an improvement in footfalls during the festive season and the benefits of operating leverage.
The company said it recorded its highest ever footfalls at 201 million across formats and geographies.