Reliance Industries Ltd, a company based in New Delhi, reported strong financial results for the March quarter of FY 2022-23. The company’s net profit for the quarter was Rs 19,299 crore, a 19% increase from the previous year’s Rs 16,203 crore, making it the highest-ever quarterly net profit for the company. Its revenue from operations also increased to Rs 2.16 lakh crore from Rs 2.11 lakh crore in January-March 2022. Overall, for the full FY23 fiscal year, Reliance Industries reported a net profit of Rs 66,702 crore on a revenue of Rs 9 lakh crore.
Reliance Retail, a subsidiary of Reliance Industries, also showed positive results, reporting a 12.9% increase in its net profit to Rs 2,415 crore for Q4 of FY23. This growth was due to an increase in footfalls and new store openings. The number of stores operated by Reliance Retail surpassed 18,000 and footfalls at its stores increased by 41.29% year-on-year. Digital and new commerce businesses also contributed 17% of its revenue.
Reliance Jio, another subsidiary of Reliance Industries, reported a net profit of Rs 4,716 crore for Q4 of FY23, a 13% increase from the previous year. Its revenue from operations increased by about 12% to Rs 23,394 crore from Rs 20,945 crore in the same quarter the previous year. For the full FY23 fiscal year, Jio’s net profit rose about 23% to Rs 18,207 crore on a revenue of Rs 90,786 crore.
The company’s executives expressed satisfaction with these results and credited their success to customer-centricity, investments in technology and innovation, and expansion in both physical and digital footprints.