Reliance Industries Beats Estimates With 9% YoY Increase In Consolidated PAT At Rs 17,265 Crore
New Delhi: Reliance Industries has reported a 9.3% year-on-year (YoY) growth in its consolidated net profit for the quarter ended December 2023, amounting to Rs 17,265 crore. This surpassed the estimated Rs 16,944 crore according to an ETNow poll.
Reliance Industries Limited reported Q3FY24 results on January 19. The consolidated revenues at Rs 248,160 crore, up 3.2% YoY, supported by continued growth momentum in consumer businesses. The company’s quarterly EBITDA stood at Rs 44,678 crore, up 16.7% Y-o-Y, with growth across all businesses.
RIL’s core division, the oil-to-chemical (O2C) business, reported a dip in topline and flat bottom line in Q3FY24. This segment’s revenue for Q3FY24 fell 2.4% YoY to Rs 141,096 crore, mainly on account of lower price realisation led by a 5.3% YoY decline in average Brent crude oil prices, the company said.
Dated Brent averaged $84 /bbl in 3Q FY24, lower by $4.7 /bbl. RIL said this segment’s EBITDA, which grew 1% Y-o-Y to Rs 14,064 crore, was partially offset by lower downstream chemical margins and planned maintenance and inspection shutdown. The O2C segment’s EBITDA was Rs 16,281 crore in Q2FY23.
Meanwhile, Reliance Retail (RRVL) reported a sharp rise in PAT as consumers spent lavishly in the festive heavy quarter. RRVL delivered gross revenue of Rs 83,063 crore for Q3FY24, a growth of 22.8% YoY while its net profit rose 31.9% to Rs 3,165 crore.
Comments are closed.