Reliance's initiatives in digital connectivity contributing to India's rapid economic growth: Mukesh Ambani

Mumbai (Maharashtra) [India], April 21 : RIL Chairman and Managing Director Mukesh Amb on Friday said Reliance's initiatives in digital connectivity and orgsed retail are driving greater efficiencies in the economy and contributing to India's emergence as one of the fastest-growing economies.

Reliance Industries Limited (RIL) on Friday announced consolidated results for quarter/ year ended March 31, 2023.

RIL posted an 18.3 per cent jump in its profit after tax to Rs 21,327 crore for the quarter ended March 31, 2023, against Rs 18,021 crore in the year-ago period.

"I am happy to note Reliance's initiatives in digital connectivity and orgsed retail are driving greater efficiencies in the economy and contributing to India's emergence as one of the fastest growing economies in the world," Mukesh Amb said.

Mukesh Amb said retail business registered excellent growth numbers backed by expansion of physical and digital footprint and a significant increase in footfall.

"We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices. Our retail team has an unwavering focus on enhancing consumer experience and ease of shopping," he added.

He also talked about the company's investments in renewable energy.

"I believe Reliance's significant investments and strategic partnerships in the renewable energy vertical will help transform the energy landscape of India and the world in the coming years," he said.

According to a RIL release, gross revenue went up 2.8 per cent to Rs 239,082 crore in the reviewed quarter, against Rs 232,539 crore. Earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped 21.8 per cent to Rs 41,389 crore from Rs 33,968 crore in the year-ago period.

Annual EBITDA crossed benchmark of Rs 150,000 crore for the first time record annual consolidated profit after tax at Rs 74,088 crore ($ 9.0 billion), up 14 per cent year-on-year.

The release said record quarterly consolidated EBITDA was at Rs 41,389 crore ($ 5.0 billion), up 21.8 per cent y-o-y

It said Jio has extended market leadership in 5G rollout with coverage across nearly 2,300 cities and towns.

"Reliance retail recorded accelerated store opening with over 3,300 new stores taking total area to 65.6 mn sq ft. Strong business performance of 02C led by excellence in operations, optimised feedstock cost and supportive product margins," the company said.

Mukesh Amb said Jio continues to digitally empower millions of citizens across the nation, extending True 5G reach to over 2,300 cities and towns in a short span of six months.

"With steady growth in mobility and FTTH (fibre to the home) subscriber base and an expanding bouquet of content and digital services, the Jio business continues to deliver impressive growth in operating profits," he said.

Referring to the oil-to-chemical business, the RIL Chairman said O2C segment posted its highest-ever operating profit despite global uncertainties and disruptions in commodity trade flows.

"Our oil and gas segment also delivered very strong growth and is now poised to contribute nearly 30 per cent of India's domestic gas production," he said.

"This year we have proposed to demerge our financial services arm and list the new entity Jio Financial Services Ltd. This gives our shareholders an opportunity to participate in an exciting new growth platform from inception," he added.

Mukesh Amb said implementation of New Energy giga factories at Jamnagar is making significant progress.

"This puts us on track to achieve our goals of transitioning to cleaner energy and enabling sustainable growth," he said.

The company said it achieved a record annual consolidated profit after tax at Rs 74,088 crore in FY23 against Rs 65,009 crore in FY22, which is up 14 per cent year-on-year.

The release said the gross revenue was Rs 976,524 crore ($ 118.8 billion), up 23.2 pc Year-on-Year, supported by continuing growth momentum across all businesses.

Digital Services segment achieved 19.6 per cent Y-o-Y growth while Retail business grew by 30.4 per cent Y-o-Y. Revenue of O2C business improved by 18.7 per cent, led by higher realizations on back of 19 per cent increase in average Brent crude price. Oil and Gas business revenues increased 120.3 per cent due to sharp increase in gas price realization and 10.7 per cent increase in KG D6 gas production.