Reliance Q1 Results - Reliance shares double net profit
46% year over year to Rs 17995 crore, falling short of the expected 100% growth rate while revenue increases by 54%.
Reliance Industries, owned by Mukesh Ambani, announced on Friday that its fiscal first quarter's combined net profit increased 46% year over year to Rs 17,955 crore, far below street projections.
Revenue for RIL from April through June was Rs 2,23,113 crore, up 54.5 percent from the same period last year. Analysts had projected that RIL's net profit would at least increase from the prior year's period to nearly Rs 24,000 crore.
Jio Platforms subsidiary, announced a year-over-year increase in its standalone net profit of Rs 4,335 crore for the quarter ended June 2022 (Q1FY23), compared to Rs 3,501 crore attained a year earlier, of 23.8 percent.
Sequentially, the profit increased by 3.9 percent from the Rs 4,173 crore recorded in the quarter of January through March. The digital division of Reliance Industries is called Jio Platforms.
The retail division of Reliance Industries Ltd (RIL), Reliance Retail Ventures, recorded a net profit increase of 114.2 percent year over year (YoY) to Rs 2,061 crore for the first quarter ended June 30, 2022, on July 22.
Gross sales for the company in the first quarter was Rs 58,554 crore, up 51.9 percent year over year. Cash profit for the quarter increased by 105.2 percent YoY to Rs 2,873 crore.
Operating EBITDA for the company came in at Rs 3,897 crore, up 180.4 percent year over year, with a 350-bps jump in margin to 7.6 percent from 4.1 percent in the equivalent quarter of the previous year.
Over 17,000 new jobs were added by Reliance Retail in the first quarter of FY23. 3.79 thousand People work for the company as a whole.
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