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Reliance Industries posts 9 per cent surge in Q3 net profit to Rs 17,265 crore

Reliance Industries' gross revenue stood at Rs 248,160 crore, a 3.2 per cent year-on-year increase led by the continued momentum in consumer businesses.

Edited By: Akshit Tyagi New Delhi Updated on: January 19, 2024 18:55 IST
Chairman and managing director of Reliance Industries
Image Source : PTI (FILE) Chairman and managing director of Reliance Industries Mukesh Ambani

Reliance Industries Limited (RIL) reported a 9 per cent rise in its third quarter net profit which stood at Rs 17,265 crore. The revenue from operations of the company stood flat at Rs 2.2 lakh crore.

The company reported a gross revenue of Rs 248,160 crore ($29.8 billion), a 3.2 per cent year-on-year (Y-o-Y) increase led by the continued momentum in consumer businesses. 

Jio Platforms Limited (JPL) witnessed an 11.4 per cent Y-o-Y increase in revenue, driven by robust subscriber growth in mobility and homes, along with improved average revenue per user (ARPU). Reliance Retail Ventures Limited (RRVL) showed a strong performance, with a 22.8 per cent Y-o-Y growth in revenue across grocery (41 per cent), fashion & lifestyle (28 per cent), and consumer electronics (19 per cent). 
 
"The retail segment has also delivered impressive financial performance with its rapidly expanding physical as well as digital footprints. Reliance Retail remains focused on enriching customer shopping experiences by adding new brands and offerings to its portfolio. Its New Commerce initiatives continue to support the growth journey of millions of small merchants through technology, generating immense societal value," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, in an exchange filing. 

The Oil and Gas segment's EBITDA increased by 49.6 per cent, driven by higher gas and condensate production from the KG D6 block, the company said. 

"The Oil & Gas segment posted its highest ever quarterly EBITDA. I am happy to note that KG D6 is now contributing 30 per cent of India’s gas production, fueling its transition towards a greener and cleaner tomorrow. The O2C segment delivered resilient performance, aided by operational flexibility and strong domestic demand. Staying true to its commitment to sustainability, Reliance has become the first Indian company to chemically recycle pyrolysis oil into circular polymers. The New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance’s New Energy business will play a pivotal role in the global movement for the adoption of cleaner fuels,” Ambani added.

Reliance Industries shares ended flat on Friday's trading session at Rs 2,735 a piece.

(With PTI inputs)

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