RIL Q2 Results: Reliance Industries Ltd (RIL) on October 27 reported a consolidated internet revenue of Rs 19,878 crore within the second quarter of monetary 12 months 2023-24, a rise of 29.7 p.c from a 12 months in the past, regardless of a dip in income from its oil-to-chemical compounds enterprise.
Gross income from operations of India’s most valued firm stood at Rs 2.55 lakh crore within the quarter ended September 30, in comparison with Rs 2.52 lakh crore final 12 months.
Net revenue attributable to the house owners of the corporate (revenue after tax and minority pursuits) got here in at Rs 17,394 crore within the quarter, in comparison with Rs 13,656 crore in the identical interval final 12 months.
EBITDA (earnings earlier than curiosity, taxes, depreciation, and amortisation) elevated by 30.2 p.c to Rs 44,867 crore in Q2FY24.
According to a Moneycontrol survey of 10 brokerages, the market anticipated RIL’s consolidated internet gross sales to return in at Rs 2.31 lakh crore in Q2 FY24, up 0.5 p.c 12 months-on-12 months, and 11 p.c quarter on quarter.
Moneycontrol’s survey estimated internet revenue at Rs 17,482 crore, up 27.2 p.c 12 months on 12 months. RIL’s second quarter EBITDA was anticipated to return in at Rs 39,696 crore, up 28 p.c 12 months on 12 months and 9.2 p.c quarter on quarter.
“Resilient performance of the O2C segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market. Weak global demand and supply-overhang continued to impact downstream margins,” Chairman Mukesh Ambani mentioned in a press assertion.
RIL’s different companies, together with its upstream division, reported a sturdy quarter.
“The growth of oil and gas business is particularly noteworthy with production from KGD6 block ramping up and providing valuable fuel for energy transition to the Indian economy,” mentioned Ambani.
O2C (oil-to-chemical compounds) enterprise
Revenue for Reliance’s O2C enterprise, its greatest enterprise, stood at Rs 1.47 lakh crore, a 7.3 p.c decline, totally on account of a pointy 14 p.c discount in crude oil costs, leading to lower cost realisation for merchandise.
EBITDA for the quarter stood at Rs 16,281 crore, growing 36 p.c from the 12 months in the past interval, on account of energy in gasoline and PVC margins, optimised feedstock sourcing and decrease SAED in-line with decline in center-distillate cracks.
The firm’s O2C enterprise consists of refining, petrochemicals, and gasoline retailing via Reliance BP Mobility Limited, aviation gasoline and bulk wholesale advertising.
Oil & Gas enterprise
The firm’s oil and fuel income, representing its upstream operations, elevated 71.8 p.c within the quarter, pushed by increased manufacturing of fuel & oil and graduation of condensate manufacturing from MJ subject together with 6 p.c increased fuel value realization in KG D6.
The common value realised for KGD6 fuel is $ 10.46 per MMBTU (million metric British thermal unit) in Q2FY24 in comparison with $9.86 per MMBTU in Q2FY23. The common value realised for CBM fuel was $ 13.72/MMBTU in 2Q FY24, as in opposition to $23.34 per MMBTU in Q2FY23.
The phase’s EBITDA elevated to Rs 4,766 crore, which is up by 50.3 p.c on yearly foundation.
Reliance mentioned that the drilling & completion marketing campaign for MJ wells has been accomplished efficiently. All eight wells at the moment are accomplished, linked, and are producing, the corporate mentioned.
“With incremental gas production from MJ field, along with ongoing production from R Cluster and Satellite Cluster fields, Block KG D6 is currently producing ~29 MMSCMD,” the corporate mentioned in a press launch.
Jio Platforms
Jio Platforms’ revenue for the second quarter stood at Rs 5,297 crore, a rise of 12 p.c.
The telecom and streaming enterprise phase’s income from operations stood at Rs 31,537 crore within the quarter, in comparison with Rs 28,506 crore in the identical interval final 12 months.
Average income per person (ARPU), an necessary metric to measure the efficiency of telecom corporations, improved 2.5 p.c YoY to Rs 181.7 per person, per thirty days. Quarter on quarter it improved by 20 paise per person.
“Jio True5G will soon be available pan-India to usher in a new digital era for Indians. JioAirFiber has seen very strong customer interest and is set to transform broadband infrastructure in the country by offering fiber like digital experience to homes and small enterprises. Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability,” mentioned Akash Ambani, Chairman of Reliance Jio Infocomm.
Retail enterprise
Reliance Retail posted a internet revenue of Rs 2,790 crore within the quarter, a rise of 21 p.c. Revenue from operations for the quarter stood at Rs 77,148 crore, a progress of 18.8 p.c Y-o-Y.
Store footfalls have been at 260 million within the quarter, in comparison with 249 million within the earlier quarter.
Grocery and vogue & way of life companies maintained robust progress momentum whereas shopper electronics had a gentle efficiency regardless of festive interval falling in Q3FY24, the corporate mentioned in a press launch.
Reliance Retail expanded its retailer community with 471 new retailer openings taking the full retailer rely on the finish of the quarter to 18,650 shops with an space of 71.5 million sq. ft.
Isha Ambani, Executive Director, Reliance Retail Ventures Limited (RRVL), mentioned, “I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics. The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm.”
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