RIL Q1 Results: Net profit rises 46% to Rs 17,955 crore on higher refining margin, misses estimates

New Delhi: Industrialist Mukesh Ambani led Reliance Industries missed the estimates as it posted a consolidated profit after tax (PAT) at Rs 17,955 crore for the June quarter, up 46.3 per cent YoY, on Friday. The company had reported PAT at Rs 12,273 crore in the corresponding quarter last year.

An ET NOW poll of analysts had anticipated the profit figure at Rs 24,311 crore and revenue at Rs 2,44,244 crore. The oil-to-telecom major’s revenue for the June quarter soared 54.54 per cent to Rs 2,23,113 crore from Rs 1,44,372 crore in the same quarter last year.

RIL’s consolidated EBITDA for the quarter stood at Rs 40,179 crore, up 45.80 crore YoY. Cash profit stood at Rs 31,916 crore, up 46.2 per cent YoY. The margin for the quarter came in at 17.3 per cent.

According to the company, it was the best quarter for Reliance Retail in terms of revenues, which stood at Rs 58,554 crore, up 51.9 per cent YoY. Net profit for the quarter was Rs 2,061 crore higher by 114.2 per cent YoY.

It was also the quarter in revenue terms for Jio Platforms. Revenue from this segment stood at Rs 27,527 crore, up 23.6 per cent YoY.

RIL chairman managing director Mukesh Ambani said, “Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever.”

Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures, he added.

Grocery business had a buoyant quarter as it recorded its highest ever revenues and doubled its business over last year led by broad based growth across all categories. As a customer promise, we price our products below MRP all year round to ensure our customers get best value every time they shop at our stores and Jiomart, the company said.

In the O2C segment, revenues rose 56.7 per cent YoY to Rs 1,61,715 crore driven by higher price realisations with increased volumes of transportation fuels in an environment of higher crude prices, energy costs and product prices.