Reliance Industries Ltd. (RIL), the country’s largest company by market capitalization, has announced its financial results for the quarter ended June 30, 2022. The consolidated profit after tax for the first quarter came in at Rs 17,955 crore, showing a 46.3% increase compared to the previous year. The conglomerate, led by Mukesh Ambani, was expected to report strong earnings for Q1 FY23, supported by rising gross refining margins and the growth of its organized retail business.
The company’s oil-to-telecom major segment had reported a revenue of Rs 1.44 lakh crore and a profit after tax of Rs 13,806 crore in the year-ago period. In the last quarter, the consolidated net profit rose to Rs 16,203 crore, marking a 22.5% year-on-year surge. The consolidated revenue from operations in the same period climbed by 36.8% year-on-year to Rs 2.1 lakh crore.
Reliance Industries continued to show substantial profit and revenue numbers for another quarter, with significant performances in its oil-to-chemical and retail businesses. The company reported a 54.5% year-on-year growth in consolidated revenue from operations to Rs 2.23 lakh crore, with operating profits rising to a record high of Rs 40,179 crore, representing a 45.8% increase from the previous year.
During the quarter, Reliance O2C had its best-ever performance, with all-time-high revenue and EBITDA. Reliance Oil & Gas segment revenues increased by 183.0% year-on-year to Rs 3,625 crore, with segment EBITDA jumping to Rs 2,737 crore, driven by improved realizations and higher volumes.
The retail subsidiary, Reliance Retail, reported a gross revenue of Rs 58,554 crore, up by 51.9% year-on-year, with an EBITDA of ₹3,837 crore and a net profit of ₹2,061 crore for the quarter. Reliance Retail crossed a milestone of 200 million registered customers with a registered customer base of 208 million at the end of the quarter.
In conclusion, Reliance Industries Ltd. showcased strong financial performance for the quarter ended June 30, 2022, driven by robust figures across its various business segments, particularly in oil-to-chemical, retail, and telecom. The company’s strategic diversification and operational execution have contributed to significant revenue growth and profitability.
