Reliance records 15% growth in revenue as net profits drop 13%

India’s leading conglomerate Reliance Industries registered a 13% drop in net profit for the third quarter of FY23 due to the impact of windfall taxes, while its revenue rose by 15% during the same period.

The net profit of Reliance Industries for the third quarter of the current fiscal stood at Rs 17,806 crore, while the revenue was at Rs 223,739 crore. The consolidated EBITDA during this period was Rs 38,460 crore—an annual growth of 13.5%.

Reliance Industries' business spans oil and gas, telecom, retail, and media. Its relatively new businesses like telecom and retail have been consistently expanding their market share.

“Our teams across businesses have done an excellent job in delivering strong operating performance through a challenging environment," Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said. "All segments contributed to the robust growth in consolidated EBITDA on a year-on-year basis,”

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Jio Platforms Limited, the telecom business of Reliance Industries, registered a revenue of Rs 29,195 crore—an annual growth of 20.8%, while the net profit showed a 28.6% rise to touch Rs 4,881 crore.

“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," said Akash Ambani, Chairman, Reliance Jio Infocomm Limited. "In addition, Jio will connect over 100 million premises with JioFiber and JioAirFiber offering unparalleled digital experiences.”

Reliance's retail business registered a 17.2% YoY rise in revenue to touch Rs 67,623 crore, while net profit stood at Rs 2,400 crore, recording a gain of 6.2%

According to the company, the retail business expanded its physical store network with 789 new store openings totalling an area of six million square feet. The quarter recorded the highest-ever footfall at 201 million across formats and geographies.

The digital commerce orders were up 5X yearly, driven by festive offers, category-led campaigns, and financing schemes.

It said JioMart continued its growth momentum with a robust uptick in non-grocery category contribution and broad-based growth across all town classes. JioMart has strengthened its catalogue by 71% quarter-on-quarter and expanded its seller base by 83% quarter-on-quarter during the period.