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Reliance Industries Ltd on Friday reported a near 15 per cent y-o-y dip in its consolidated net profit at ₹15,792 crore for the December quarter on higher expenses and unfavourable base effect.
Revenue from operations rose 15 per cent y-o-y to ₹2.2-lakh crore led by a surge in the revenue of its retail subsidiary that rose 17 per cent y-o-y to ₹67,634 crore and revenue from digital services that went up just over a fifth to ₹30,343 crore. Its oils to chemicals business revenue went up 7.7 per cent to ₹1.4-lakh crore.
Sequentially, the net profit rose 15.6 per cent, while the topline fell 5.3 per cent chiefly due to flat growth in Jio Platforms translating into average revenue per user per month hardly moving at ₹178.20 in the quarter under review from ₹177.20 a quarter ago.
According to businessline’s calculation, operating profit margin of the company fractionally moved up to 15.98 per cent from 15.53 per cent a year ago and operating profit at ₹35,247 crore compared to ₹29,706 crore a year ago.
Chairman Mukesh Ambani said all segments contributed to a robust growth in the operating profit on an annual basis.
Oils to chemicals
In its oils to chemicals business, which contributes over 60 per cent to its revenues, the company saw margin pressure in downstream chemical products with excess supply and relatively weak regional demand.
The company said it was on track to reach 30 mmscmd (million metric standard cubic metre per day) in the next fiscal after the commission of the MJ field in the eastern offshore KG D6 block.
Global demand for oil declined during the quarter especially from the OECD countries. Demand for polymer and polyester in India saw a modest rise in the quarter driven by agriculture, infrastructure and consumer durables.
Oil demand is expected to rise and remain firm in 2023 with the opening up of the Chinese economy, while middle distillate cracks will remain firm on lower inventories, seasonal demand and impending loss of Russian oil products.
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