RIL posts record annual consolidated revenues at Rs 9.76 lakh cr for FY 2022-23

Reliance Industries Limited (RIL) has posted record annual consolidated revenues at Rs 9.76 lakh crore ($118.8 billion) for FY 2022-23, up 23.2 per cent year-on-year (Y-o-Y) supported by continuing growth momentum across all businesses.

Reliance's annual EBITDA crossed the benchmark of Rs 1.5 lakh crore for the first time, as the record high EBITDA stood at Rs 1.54 lakh crore ($18.8 billion), up 23.1 per cent Y-o-Y.

Reliance also posted record annual consolidated profit after tax at Rs 74,088 crore ($9.0 billion), up 9.2 per cent Y-o-Y.

Reliance Jio extended its market leadership in 5G rollout with coverage across 2,300+ cities/towns; Jio has already deployed 60,000 5G sites across 700MHz and 3500MHz bands and is on track to complete pan-India rollout by December 2023.

Jio reported industry-leading subscriber growth with 29+ million net additions during the year. Its customer base stood at 439 million as on March 31, 2023.

Reliance Retail recorded accelerated store opening during the year with 3,300+ new stores, taking total retail area to 65.6 million sq ft.

Strong business performance of O2C during the year led by excellence in operations, optimised feedstock cost and supportive product margins.

The capital expenditure for the year was Rs 1.41 lakh crore ($17.3 billion); net debt as on March 31, 2023 stood at Rs 1.10 lakh crore ($13.4 billion), substantially below the annual EBITDA.

As per the quarterly results for Q4 FY2022-23, RIL's gross revenue for the quarter was Rs 2.39 lakh crore ($29.1 billion), up 2.8 per cent YoY, supported by continuing growth momentum in consumer businesses.

Consolidated EBITDA for the quarter increased by 21.9 per cent Y-o-Y to Rs 41,389 crore ($5.0 billion). Consolidated profit after tax for the quarter improved by 18.3 per cent Y-o-Y at Rs 21,327 crore ($2.6 billion).

For Jio Platforms, gross revenue for the quarter was at a record high of Rs 29,871 crore, up 14.3 per cent Y-o-Y. Jio Platforms' EBITDA for the quarter was a record Rs 12,767 crore, up 16.9 per cent Y-o-Y. Its net profit for the quarter was Rs 4,984 crore, up 15.6 per cent Y-o-Y.

Jio network scales up to now carry over 10 Exabytes per month, up 24 per cent Y-o-Y; Jio's total data traffic jumped 23.2 per cent Y-o-Y to 30.3 billion GB for the quarter; its voice traffic grew 8 per cent to 1.31 trillion minutes.

Jio reported 7 per cent growth in customer base to 439 million as on March 31, 2023, from 410.2 million a year ago.

Jio's ARPU grew 6.7 per cent Y-o-Y to Rs 178.8 during the quarter, from Rs 167.6 in the year-ago period.

Reliance Retail posted a record high quarterly revenue at Rs 69,267 crore, up 19.4 per cent Y-o-Y driven by broad based growth across consumption baskets. Reliance Retail posted record quarterly EBITDA at Rs 4,914 crore, up 32.6 per cent Y-o-Y. EBITDA before investment income was reported at Rs 4,769 crore, a growth of 33 per cent Y-o-Y.

Reliance Retail's net profit for the quarter was Rs 2,415 crore, up 12.9 per cent Y-o-Y. Reliance Retail maintained its store opening trajectory with 966 new store openings, taking the total count to 18,040 stores across a total area of 65.6 million sq ft. For the full year, the company added over 3,300 outlets.

Reliance Retail also recorded highest ever footfalls at 219 million across formats during the quarter; digital commerce and new commerce businesses continued to grow and contributed to 17 per cent of revenue.

Reliance's O2C segment quarterly revenue fell 11.8 per cent Y-o-Y to Rs 1.28 lakh crore ($15.7 billion), primarily on account of sharp reduction in crude oil prices and lower price realisation of downstream products.

O2C EBITDA for the quarter was at Rs 16,293 crore, up 14.4 per cent Y-o-Y led by strength in transportation fuel cracks, optimised feedstock cost and advantageous ethane cracking economics.

O2C production meant for sale was 17.1 million tonne for the quarter, down 1.2 per cent Y-o-Y.

SAED on transportation fuels adversely impacted earnings by Rs 711 crore.

Reliance's Oil & Gas segment's quarterly revenue jumped 126.9 per cent to Rs 4,556 ($554 million) on account of higher price realisation coupled with minor increase in the gas production.

Oil & Gas EBITDA for Q4 FY2022-23 increased sharply to Rs 3,801 crore ($463 million), up 144.3 Q4 FY2022-23 Y-o-Y.

The KG-D6 production for the quarter was 42.9 BCFe, up 13 Q4 FY2022-23 Y-o-Y.

With incremental gas production from MJ field, along with ongoing production from R Cluster and Satellite Cluster fields, Block KG D6 production is expected to reach 30 MMSCMD in FY24.