INSUBCONTINENT EXCLUSIVE:
13,656 crore for the quarter ended September 30, 2022 (Q2).
This was almost flat over the year-ago period figure of Rs 13,680 crore, but
fell well short of expectations.
A poll of analysts by Bloomberg had pegged net profit at Rs 14,457 crore for Q2 of 2022-23.
The
goods and services tax and excise duty, net sales surged 37.3 per cent year-on-year to Rs 2.3 trillion for the reported quarter, marginally
earnings before interest, tax, depreciation and amortisation (Ebitda) increased 14.46 per cent YoY to Rs 34,663 crore in Q2, beating the
estimate of Rs 30,336 crore.
The performance at net-profit level would have been better but for the weakness seen in the oil-to-chemicals
subdued demand and weak margin environment across downstream chemical products
the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market
said that Reliance Retail and Jio Platforms reported record Ebitda for the September quarter, and that Reliance Retail became the first
Indian retailer with over 50 million square feet of retail space.
New hires for the first six months ending September 2022 was 1.4 lakh.RIL
also announced on Friday it was demerging its financial services business into Jio Financial Services (JFS) and listing it.
Shareholders of
RIL will get one share of JFS for every share held in RIL.
On Friday, ahead of the results, the RIL scrip closed 1.16 per cent down on the
BSE at Rs 2,471.95.
Year-to-date, the index heavyweight is up 4.37 per cent
down 1 per cent at $59.8 on the London Stock Exchange.
Meanwhile, other income fell by nearly 17 per cent to Rs 3,514 crore in Q2FY23 from
Rs 4,224 crore a year ago
Tax for the quarter increased by 30 per cent to Rs 4,867 crore from Rs 3,755 crore a year ago.
These, along with the impact on the O2C
32.5 per cent year-on-year to Rs 1.6 trillion, led by higher prices of crude oil and other products.
The O2C Ebitda declined by 5.9 per
cent YoY to Rs 11,968 crore on account of the introduction of special additional excise duty on transportation fuels and weak polymer
deltas, the company said in an earnings call.
However, sequentially, O2C revenue fell 1.26 per cent, while its Ebitda was down 39.82 per
cent from Rs 19,888 crore in the April-June quarter on account of volatile energy markets, windfall taxes imposed in the September quarter
and lower realisation of product cracks.
The company said that SAED-related costs were Rs 4,039 crore in the September quarter.
Jio
quarter, its highest ever, the company said
operations of Rs 57,694 crore, up 44.5 per cent year-on-year, in the quarter under review, as its business witnessed no operating
disruptions since the onset of Covid.
