Reliance posts highest quarterly profit in Q4

New Delhi: Reliance Industries Ltd on Friday reported a 19 per cent jump to Rs 19,299 crore in its March quarter net profit (Q4) of FY 2022-23, according to a company's stock exchange filing.

The net profit of Rs 19,299 crore in Q4 of FY23 compares to Rs 16,203 crore earning a year back. This is the company's highest-ever quarterly net profit. Its revenue from operations rose to Rs 2.16 lakh crore from Rs 2.11 lakh crore in January-March 2022. For the full FY23 fiscal (April 2022 to March 2023), Reliance reported a net profit of Rs 66,702 crore on a revenue of Rs 9 lakh crore.

The company's arm Reliance Retail reported a 12.9 per cent increase in its net profit to Rs 2,415 crore in Q4 of FY23, helped by the increase in footfalls and new store openings. Its revenue for operations surged 21.09 per cent to Rs 61,559 crore in the fourth quarter of this fiscal.

The number of stores operated by Reliance Retail crossed 18,000 and the number of footfalls at its stores was 21.9 crore, up 41.29 per cent year-on-year. In Q4, digital commerce and new commerce businesses continued to grow and contributed 17 per cent of its revenue.

"Retail business registered excellent growth numbers backed by the expansion of physical and digital footprint and a significant increase in footfall. We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices," said RIL CMD Mukesh D Ambani.

Its gross revenue, which includes the value of sales and services, rose 19.39 per cent to Rs 69,267 crore in the three months that ended March 31, 2023. It was Rs 58,017 crore in the year-ago period. Its pre-tax profit (Ebitda) during the quarter was also up 32.63 per cent to Rs 4,914 crore.

Isha M Ambani, Executive Director, Reliance Retail Ventures Ltd, said: "Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer the transformation of India's retail sector."

On the same day, Reliance Jio reported a 13 per cent increase in net profit to Rs 4,716 crore in Q4 of FY23.It posted a net profit of Rs 4,173 crore in the year-ago period. Its revenue from operations in the Q4 of FY23 increased by about 12 per cent to Rs 23,394 crore from Rs 20,945 crore in the same quarter previous year.

For the complete FY23, Jio's net profit rose about 23 per cent to Rs 18,207 crore from Rs 14,817 crore in 2021-22. The annual revenue from operations grew by about 18 per cent to Rs 90,786 crore in the last fiscal compared to Rs 76,977 crore in previous fiscal.