Reliance Industries net profit falls 10% to Rs 16,011 crore in Q1FY24

Reliance Industries (RIL) on Friday evening announced its April-June quarter for the financial year 2023-24.

The company reported a year-on-year (YoY) drop of 11% in the consolidated net profit for Q1FY24 to Rs 16,011 crore. 

The consolidated revenue declined 5.3% YoY to Rs 2.11 lakh crore.

Further, the company informed that EBITDA margin from operations on net sales was stood at 7.9%, up 30 bps Y-o-Y driven by efficiencies.

Sequentially, the consolidated topline declined 2.5%, and the bottomline fell steeper by 17%.

In a board meeting, RIL recommended dividend payout of Rs 9 a share, subject to approval of the shareholders.

Also, Reliance Retail net profit up 18.8 % at Rs 2,448 crore Revenue rises 19 % at Rs 69,948 crore whereas Reliance Jio reported a 12% year-on-year (YoY) rise in standalone net profit for the quarter ended June 2023 to Rs 4,863 crore.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “Reliance’s strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments.:

He further added, “The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place. I firmly believe that Jio Financial Services is uniquely positioned to foster financial inclusion in India.”

Source: Media Reports