Even as Reliance Industries Ltd (RIL) declared its Q2FY23 financial results on Friday, its Chairman and Managing Director Mukesh Ambani said the record performance of the group’s consumer businesses shows that it continues to scale new milestones every quarter. He said the domestic oil and gas business also continues to deliver robust performance and added that MJ fields in the Bay of Bengal may be commissioned by the end of this year.
Also Read: RIL Q2 Consolidated Net Profit Flat On-Year At Rs 13,656 crore
In a press statement on Friday, Ambani said, “I am pleased with the record performance of our consumer businesses which continue to scale new milestones every quarter.”
On the retail business, he said it delivered record performance with strong revival in footfalls, store additions and digital integration. “Reliance Retail continues to provide a compelling proposition of great shopping experience and superior value across consumption baskets and price points.”
Oil-to-telecom major Reliance Industries on Friday reported a consolidated net profit of Rs 13,656 crore for the quarter ended September as against Rs 13,680 crore in the year-ago quarter. Its revenues surged 33.7 percent to Rs 2.32 lakh croreled by strong performance of the oil-to-chemical, telecom and retail operations in the quarter.
On the oil-to-chemical business, the CMD of Reliance Industries said, “O2C (oil-to-chemical) business saw subdued demand & weak margin environment across downstream chemical products. Performance also impacted by introduction of special addl excise duties to ensure stable supply & lower volatility in domestic market.”
Reliance Jio Infocomm, a subsidiary of Reliance Industries’ digital unit Jio Platforms, reported year-on-year growth of 28 percent in its standalone net profit at Rs 4,518 crore for the September quarter. On a sequential basis, the profit grew by 4 percent.
Also Read: Reliance Jio Q2 Result | Net Profit Rises 28% YoY to Rs 4,518 crore, ARPU Grows 23.5% To Rs 177.2
The company recorded revenues of Rs 22,521 crore for the quarter in review, up 20 percent from a year ago. Sequentially, revenues increased by 3 percent.
On the consumer businesses, Ambani said it continues to scale new milestones every quarter. “We saw consistent new subscriber additions and higher engagement in digital services segment. “Jio has announced beta trail for its industry-leading standalone 5G services and is making rapid progress for an ambitious and the fastest-ever roll-out of True 5G on pan-India basis.”
On the domestic oil and gas business, he said it continues to deliver robust performance maintaining production at 19 mmscmd (million metric standard cubic metre a day) levels in the KG-D6 block, significantly enhancing energy security for the country. “We are confident of commissioning MJ fields by year-end.”
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