Russian oil helps Reliance pump in record profit

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Reliance Industries Ltd on Friday reported a 19 per cent jump in its March quarter net profit to Rs 19,299 crore, according to a company’s stock exchange filing. The net profit of Rs 19,299 crore in January-March 2023 compares to Rs 16,203 crore earning a year back. This is the company’s highest-ever quarterly net profit. The share of refining and petrochemical business in the total business of Reliance Industries is about 60 percent and it is believed that due to this business, the company’s earnings have increased during the March quarter.

Reliance Industries has a major share in the cheap crude oil imported from Russia to India and the company has increased the export of petroleum products to other countries of the world by increasing the import of crude oil from Russia. Because of which the company’s profit from refining and petrochemical business has increased.

Its revenue from operations rose to Rs 2.16 lakh crore from Rs 2.11 lakh crore in January-March 2022. For the full 2022-23 fiscal (April 2022 to March 2023), Reliance reported a net profit of Rs 66,702 crore on a revenue of Rs 9 lakh crore.

Jio profit up 13%

The company also reported results for its telecom subsidiary Reliance Jio. The country’s biggest telecom operator Reliance Jio reported a 13 per cent increase in net profit to Rs 4,716 crore for the fourth quarter ended March 2023. . Reliance Jio posted a net profit of Rs 4,173 crore in the year-ago period. Its revenue from operations in the reported quarter increased by about 12% to Rs 23,394 crore from Rs 20,945 crore in the March 2022 quarter. For the year ended March 31, 2023, the company’s net profit rose about 23 per cent to Rs 18,207 crore from Rs 14,817 crore in 2021-22. The annual revenue from operations grew by about 18 per cent to Rs 90,786 crore in the last fiscal compared to Rs 76,977 crore in 2021-22. The average revenue per customer ie ARPU has increased marginally to Rs 178.8. Earlier, in the December quarter, the ARPU was Rs 178.2.