Reliance Industries posted consolidated revenues at Rs 240,963 crore ($29.1 billion) in Q3 FY23, up 14.8 per cent YoY, supported by continuing growth momentum in consumer businesses.
Reliance posted quarterly consolidated EBITDA at Rs 38,460 crore ($4.6 billion), up 13.5 per cent YoY led by consumer businesses and upstream.
Consolidated net profit for the quarter was Rs 17,806 crore ($2.2 billion), up 0.6 per cent YoY.
RIL’s capital expenditure for the quarter ended December 31, 2022 was Rs 37,599 crore ($4.5 billion).
As on December 31, 2022, outstanding debt was Rs 303,530 crore ($36.7 billion), while cash and cash equivalents were at Rs 193,282 crore ($23.4 billion). Net debt is lower than annualised EBITDA.
Jio Platforms reported record consolidated revenue at Rs 29,195 crore, up 20.8 per cent YoY, and a record EBITDA at Rs 12,519 crore, up 25.1 per cent YoY.
Jio Platform’s consolidated net profit for the quarter was Rs 4,881 crore, up 28.6 per cent YoY.
Reliance Jio’s net subscriber addition was 5.3 million as gross adds remained strong at 34.2 million in 3Q FY23, and total customer base, as on December 31, 2022, was 432.9 million.
Reliance Jio’s ARPU during the quarter of Rs 178.2 per month saw a healthy 17.5 per cent growth on YoY basis.
Quarterly total data traffic at 29.0 bn GB was 23.9 per cent up, and total voice traffic at 1.27 trillion mins was 10.4 per cent up YoY.
In its commitment to enable 5G for all, Jio has extended coverage of its True5G services to 134 cities across 22 states and Union Territories.
On Jio’s future outlook, Reliance Jio Infocomm Ltd Chairman Akash M. Ambani said: “Jio is undertaking the most ambitious and fastest ever 5G rollout plan for any country of our size. Within three months of launch, Jio True5G is now available across 134 cities and would be available across India by December 2023. In addition, Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences. We will also empower small merchants and businesses with cutting-edge, plug-and-play solutions delivered from the cloud.”
Reliance Retail delivered record quarterly revenue led by well-rounded growth across all baskets and channels.
Consolidated quarterly revenue was a record Rs 67,623 crore, up 17.2 per cent YoY.
Reliance Retail posted record quarterly EBITDA at Rs 4,773 crore, up 24.9 per cent YoY driven by operating leverage and efficiencies.
Reliance Retail expanded its physical store network with an addition of 789 new store totalling to an area of 6 million square feet, and total count of retail outlets stood at 17,225, across 60.5 million square feet.
Digital commerce and new commerce businesses continue to demonstrate strength of their business model and grew 38 per cent YoY and contributed to 18 per cent of the revenue.
Reliance Retail recorded highest ever footfalls over 200 million across formats and geographies during the quarter.
Reliance’s O2C business posted revenues of Rs 144,630 crore (17.5 billion), up 10 per cent YoY, on account of higher price realisation due to 11 per cent higher crude oil prices.
The O2C business delivered EBITDA of Rs 13,926 crore (1.7 billion), up 2.9 per cent YoY. Strength in middle distillate cracks was offset by weak margins across polymer, polyester chain, and light distillates. SAED on transportation fuels also impacted earnings by Rs 1,898 crore.
Reliance’s O2C production meant for sale declined 8 per cent to 16.2 million tonne with planned Maintenance & Inspection activity turnaround during the quarter.
Reliance Oil & Gas segment revenues were at Rs 4,948 crore ($598 million), up 93.4 per cent YoY, led by improved gas price realisation and higher production.
Oil & Gas quarterly EBITDA at Rs 3,880 crore ($469 million) was up 90.9 per cent YoY, with EBITDA margin at 78.4 per cent.
KGD6 Gas production was at 41.9 BCF, up 6.1 per cent YoY, and average gas price realised for KGD6 was at $11.3/MMBTU vs $6.1/MMBTU in 3Q FY23.
Production from MJ field is on track and is expected to commence during 4Q FY23, and incremental gas production from MJ field is expected to take total KGD6 production to 30 MMSCMD in FY24.