Reliance Industries, India’s largest conglomerate, reported a 13 per cent drop in net profit for the third quarter of FY23 due to the impact of windfall taxes, while revenue increased by 15 per cent during the same period.
Reliance Industries’ net profit for the third quarter of the current fiscal year was Rs 17,806 crore, while revenue was Rs 223,739 crore. During this time, the consolidated EBITDA was Rs 38,460 crore, representing a 13.5 per cent increase year on year (YoY).
Reliance Industries’ operations include oil and gas, telecommunications, retail, and media. Its relatively new businesses, such as telecommunications and retail, have consistently increased their market share.
Jio Platforms Limited, Reliance Industries’ telecom business, reported revenue of Rs 29,195 crore, a 20.8 per cent increase year on year, while net profit increased by 28.6 per cent to Rs 4,881 crore.
Reliance’s retail business increased revenue by 17.2 per cent year on year to Rs 67,623 crore, while net profit increased by 6.2 per cent to Rs 2,400 crore.
The retail business, according to the company, expanded its physical store network with 789 new store openings totaling six million square feet. The quarter saw the highest-ever footfall across formats and geographies, with 201 million visitors.
Digital commerce orders increased five-folds year on year, owing to holiday promotions, category-led campaigns, and financing schemes.
JioMart’s growth momentum was maintained, according to the company, with a strong increase in non-grocery category contribution and broad-based growth across all town classes. During the period, JioMart increased its catalogue by 71 per cent quarter on quarter and expanded its seller base by 83 per cent quarter on quarter.
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