RIL profit declines 5.45% in June quarter due to weak oil-to-chemicals business, higher depreciation
Reliance Industries Ltd (RIL) has reported 5.45 percent decline in net profit at Rs 15,138 crore during the quarter ended June 2024 compared to Rs 16,011 crore during the same period a year ago due to weak O2C business and higher depreciation. Was. On a sequential basis, net profit declined 20.12 percent to Rs 18,951 crore in the March 2024 quarter.
RIL’s total income rose 11.90 percent to Rs 240,200 crore during the June 2024 quarter from Rs 214,644 crore a year ago.
The company’s oil-to-chemicals (O2C) EBITDA was down 14.3 percent due to lower gasoline cracks (-30 percent) and lower downstream chemical deltas, particularly PE (-17 percent), PP (-16 percent). ) and integrated polyester margin (-15 percent). Depreciation increased 15.5 percent to Rs 13,596 crore ($1.6 billion) due to expanded asset base across all businesses, higher network utilization in the digital services business, higher retail store numbers and growth in upstream production.
RIL’s digital arm Reliance Jio Platforms reported 11.7 percent upgrade net profit to Rs 5,698 crore during June 2024 from Rs 5,101 crore a year ago and 12.8 percent rise in revenue to Rs 34,548 crore ( Rs 30,640 crore).
Reliance Retail Ventures Ltd reported 4.6 percent rise in net profit to Rs 2,549 crore in the latest quarter from Rs 2,436 crore last year. Gross revenue increased 8.1 percent to Rs 75,615 crore from Rs 69,948 crore.
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Reliance Jio Infocomm has posted net profit of Rs 5,445 crore in the June quarter, up from Rs 4,863 crore a year ago, showing a growth of 11.96 percent. Revenue rose 10.13 percent to Rs 26,478 crore in the first quarter, from Rs 24,042 in the year-ago period.
Mukesh D. Ambani, Chairman and Managing Director of RIL, said: “Consolidated EBITDA for the quarter improved compared to a year ago with strong contributions from consumer and upstream businesses offsetting the weak O2C operating environment. On Friday, RIL shares fell 1.92 percent to Rs 3,109.50 on BSE.
“Importantly, these businesses are making a significant contribution to India’s increment, providing vital energy and vibrant channels for digital and physical delivery of goods and services. The digital services business recorded impressive financial performance year-on-year, continuing its positive growth,” Ambani said.
Ambani said that “With the rapid increment retail footprint, Reliance Retail is strengthening its position as the preferred retailer for millions of Indians. Digital and new commerce sectors are also growing rapidly. Reliance Retail’s focus is not only on providing quality products to customers, but also on enhancing the overall customer experience during and after sales,”.
