Reliance Industries Ltd (RIL) announced on Friday that its net profit for the third quarter of 2022-23 dropped 15% to Rs 15,792 crore ($2.2 billion) compared to Rs 18,549 crore ($2.5 billion) in the same period last year, which is in line with analysts’ predictions.
Analysts had projected a net profit between Rs 15,400 crore and Rs 16,000 crore. Despite the decrease in net profit, revenues were up 15% to Rs 220,592 crore ($30 billion) from Rs 191,271 crore ($26 billion) the previous year.
The oil-to-chemicals and retail business performed well, but the digital services segment saw a slight miss. Earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeded analysts’ estimates, standing at Rs 38,460 crore ($5.2 billion) compared to the predicted Rs 36,000 crore ($4.9 billion).
The O2C business saw a 10% increase in revenues and 2.9% increase in EBITDA compared to the previous year. However, debt levels continue to rise, with outstanding debt as of December 31st at Rs 3,03,530 crore ($41 billion), higher than cash and cash equivalents at Rs 1,93,282 crore ($26 billion).
The company’s board has approved a proposal to raise Rs 20,000 crore ($2.7 billion) through non-convertible debentures.
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