NEW DELHI: Indias greatest business in terms of market capitalisation, Reliance Industries, on Friday published 15% decline in consolidated net earnings for the third quarter ended December 2022.
In a regulatory filing to the bourses, Reliance stated that net profit for October-December 2022 quarter can be found in at Rs 15,792 crore as versus a revenue of Rs 18,549 crore same period last year.
The companys earnings from operations increased to Rs 2,20,592 crore from Rs 1,91,271 crore in October-December 2021.
Downstream chemical items experienced margin pressure due to excess supply and fairly weak local need, Reliance stated in a statement.Key takeaways from result: * Finance cost skyrocketed 36.4% to Rs 5,201 crore, other expenditures were up by Rs 5,421 crore.
* Debt, which the business is utilizing to fund its massive green energy foray and expansion in telecom and retail business, soared nearly Rs 59,000 crore to Rs 3,03,530 crore in the 3rd quarter of the current fiscal year when compared to the year-ago duration.
* Depreciation increased by 32.6% to Rs 10,187 crore due to a broadened property base throughout all the businesses and greater network utilisation in the digital services company, a company declaration said.
* Sequentially, the net revenue was up 15% from Rs 13,656 crore in July-September 2022.
* EBITDA at Rs 38,460 crore, was up 13.5% year-on-year led by customer organizations and greater oil and gas prices aiding the upstream segment.Jio earnings increases 28%The telecom arm of Reliance, Jio Platforms, reported a 28.3% rise in its third-quarter net profit to Rs 4,638 crore.The firm had a net earnings of Rs 3,615 crore in October-December 2021, according to a businesss stock exchange filing.Revenue rose to Rs 22,993 crore in October-December 2022 from Rs 19,347 crore a year back.Retail sector jumps 6.2%The retail arm of Reliance Industries reported a 6.24% boost in its net revenue to Rs 2,400 crore for the December 2022 quarter.The companys profits for operations surged 18.64 per cent to Rs 60,096 crore in the 3rd quarter of this fiscal.During the October-December quarter, Reliance Retail broadened its physical store network with 789 brand-new shop openings, taking the overall number to 17,225.
The quarter recorded highest ever steps at 201 million across formats and locations, said Reliance Industries in its earning statement.The business continued to boost its infrastructure capabilities by broadening over 2.2 million sq.
ft.
of storage facility space.Commenting on the outcomes, Reliance Industries chairman and managing director Mukesh D Ambani stated: Retail organization had another quarter of strong development with more Indians picking to shop at Reliance Retail stores.
We are concentrated on providing exceptional products and value to clients while enhancing profitability .
O2C businessThe pillar oil refining and petrochemicals company, called O2C, was silenced with a 3% increase in segment EBITDA to Rs 13,926 crore.In the O2C business, middle distillate item basics remain strong with firm need, constrained supply, and high natural gas rates in Europe.
Downstream chemical items saw margin pressure with excess supply and reasonably weak regional demand.
Our focus remains on operating safely and reliably producing crucial fuel and products for customers, Ambani said.(With inputs from agencies)