Reliance Q1 results: profit rises by 46.3%, refining and retail segments leading the pathway

Reliance Industries reported a 54.5% Y-o-Y rise in consolidated revenue of Rs 2.23 lakh crore. While the consolidated net profit reported an increase of 46.3% to Rs 17,955 crore for the quarter ending in June.

The segment's operating performance was strong as operating profit jumped 62.6 % to Rs 19,888 crore.

"Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever. I am also happy with the progress of our Consumer platforms," said Chairman and Managing Director Mukesh Ambani in a press statement.

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The company's extraordinary performance came from the refining and petrochemical division.

"Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever," Ambani said.

JIO Platform

The communication technology division reported a 23.8 % growth in revenue to Rs 23,467 crore with an addition of 9.7 million subscribers in the June quarter. The operating profit of the telecommunication segment jumped 28.5 % to Rs 11,424 crore.

Due to the increase in the tariff rates, the company's revenue got benefited by Rs. 175 per user.

Retail

The Retail segment reported a 53.7 % rise in revenue from operations to Rs 51,582 crore in the F.Y23's Q1. The segment's operating profit rose 180.4 % on a Y-o-Y basis to Rs 3,897 crore. 

"Consumer spending got a boost as families indulged in leisure activities, socializing, festivities and shopping as COVID situation improved though sentiments remained cautious due to inflationary concerns," RIL said.

The footfalls recorded by the segment for the June quarter were around 175 million, which rose by 19% post-pandemic.  

"Consumer sentiments remain positive, though a bit cautious on the discretionary spend due to the inflation concerns," said Gaurav Jain, head (strategy and business development) at Reliance Retail.

-by Gautam

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