Mumbai (Maharashtra) [India], January 16 : Reliance Industries Ltd (RIL) on Thursday revealed its third quarter results in which the conglomerate recorded a 12 per cent year-on-year increase in consolidated net profit to Rs 21,930 crore for the quarter ended December 31, as per the financial statement.
The robust performance in RIL's financials for the third quarter was attributed to the growth in the company's digital services, retail and oils-to-chemicals businesses.
The gross revenue of Reliance Industries upped to 7.7 per cent standing at Rs 2.67 lakh crore from a year earlier, while Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) which is an alternate method of measuring profitability in net income climbed 7.8 per cent to Rs 48,003 crore.
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director of Reliance Industries Limited said, "The previous month commemorated the 25th anniversary of our Jamnagar refinery. It gives me great pleasure to see Reliance grow exponentially over the years and set new benchmarks that demonstrate the inherent strength and resilience we have across all our businesses. The delivery of record EBITDA and PAT at a consolidated level for this quarter is a testament to this. Jio continued its aggressive 5G expansion, with 170 million True5G subscribers now contributing 40 per cent of the company's wireless traffic."
According to the financial statement, the company's EBITDA of the digital services division surged 17 per cent, standing at 16,640 crore, driven by a higher average revenue per user (ARPU) of Rs 203.3.
With 170 million True5G users now accounting for 40 per cent of the company's wireless traffic, Jio has continued its rapid 5G rollout.
Akash M Ambani, Chairman of Reliance Jio Infocomm, said, " Rapid scale-up of 5G adoption and proliferating fixed broadband beyond Tier1 towns over the past year, further strengthens the Digital India mission. Jio will continue to lead the charge in technology innovation by fully embracing the power of AI to create a connected, intelligent future that is truly transformative."
The company stated that the Oil-to-Chemicals (O2C) had a 6 per cent year-over-year rise in revenue due to higher volumes and more domestic product placement. Volumes were influenced by planned large unit shutdowns that occurred during the same quarter last year.
The oil and gas division of Reliance Industries EBITDA witnessed a fall of 4 per cent due to lower KG-D6 gas field production, the company added. However, the company was able to maintain stable upstream performance overall.
Capital expenditure for the December quarter stood at Rs 32,259 crore, well covered by a cash profit of Rs 38,227 crore.