Reliance Ind's quarterly net profit falls marginally to Rs 13,656 crore

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MUMBAI: Oil to telecom giant Reliance Industries Ltd has reported weak results for the second quarter ended September 30, 2022. On a consolidated basis, the net profit of the company has decreased to Rs.13,656 crore compared to Rs.13,680 crore in the corresponding period last year. Which has decreased by 24 percent compared to Rs.17,955 crore in the first quarter.

While the total income has increased by 32 percent to Rs.2,32,863 crore compared to Rs.1,91,532 crore. Due to the imposition of special additional excise duty on the export of fuels by the Government of India from July 1, 2022, the company has suffered a blow of Rs.4039 crore in profit.

The company has also redeemed Rs.1000 crore of listed secured non-convertible redeemable debentures and Rs.5000 crore of listed unsecured non-convertible redeemable debentures through Reliance Group in the half-year period from April 2022 to September 2022.

In the second quarter segment-wise the company's revenue increased to Rs 1,59,671 crore compared to Rs 1,20,475 crore in Oil to Chemicals (OTUS). Income in oil and gas business has increased from Rs.1644 crore to Rs.3853 crore and in retail business has increased by 42.87 percent to Rs.64,936 crore as compared to Rs.45,450 crore.

Revenue in digital services increased from Rs.24,362 crore to Rs.29,558 crore. While EBITA in retail business has increased from Rs.2409 crore to Rs.3540 crore and in oil to chemicals has decreased from Rs.10,747 crore to Rs.9782 crore and in digital services has increased from Rs.6008 crore to Rs.7349 crore.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said about the result that the consumer business of the company has registered a record good performance by achieving new milestones every quarter. The digital services segment has been an encouraging performance as the company continued to add new subscribers. Record results have also been achieved in the retail business. The Oil to Chemicals business has been impacted by weak demand and poor margins.

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