Reliance Industries consolidated net sales increased 56.70% to Rs 219304 crore in Q1FY23 compared to Q1FY22. Sales of Others segment rose 28.28% to Rs 15,522.00 crore (accounting for 5.79% of total sales). Sales of Oil and Gas segment has gone up 182.98% to Rs 3,625.00 crore (accounting for 1.35% of total sales). Sales of Digital Services segment has gone up 21.83% to Rs 28,511.00 crore (accounting for 10.63% of total sales). Sales of Financial services segment has gone down 43.42% to Rs 271.00 crore (accounting for 0.10% of total sales). Sales of Oil to Chemicals (02C) segment has gone up 56.68% to Rs 1,61,715.00 crore (accounting for 60.29% of total sales). Sales of Retail segment has gone up 51.88% to Rs 58,569.00 crore (accounting for 21.84% of total sales). Inter-segment sales rose Rs 20,176.00 crore to Rs 25,231.00 crore. Exports from RILs India operations increased by 71.3 % to Rs 96,212 crore as against Rs 56,156 crore in the corresponding quarter of the previous year mainly due to higher price realizations and higher volumes of transportation fuels. The increase revenue was primarily on account of the following:
Operating profit margin has jumped from 16.70% to 17.33%, leading to 62.60% rise in operating profit to Rs 37,997.00 crore driven primarily by strong contribution from O2C business, even as other businesses contributed positively to growth. Raw material cost as a % of total sales (net of stock adjustments) increased from 49.97% to 54.34%. Purchase of finished goods cost fell from 16.67% to 15.50%. Employee cost decreased from 2.86% to 2.50%. Other expenses fell from 14.80% to 11.84%. Profit before interest, tax and other unallocable items (PBIT) has jumped 61.59% to Rs 30,709.00 crore. PBIT of Others segment fell 53.25% to Rs 474.00 crore (accounting for 1.54% of total PBIT). PBIT of Oil and Gas segment rose 816.23% to Rs 2,089.00 crore (accounting for 6.80% of total PBIT). PBIT of Digital Services segment rose 21.69% to Rs 7,036.00 crore (accounting for 22.91% of total PBIT). PBIT of Financial services segment fell 25.00% to Rs 99.00 crore (accounting for 0.32% of total PBIT). PBIT of Oil to Chemicals (02C) segment rose 73.33% to Rs 18,016.00 crore (accounting for 58.67% of total PBIT). PBIT of Retail segment rose 105.98% to Rs 2,995.00 crore (accounting for 9.75% of total PBIT). PBIT margin of Others segment fell from 8.38% to 3.05%. PBIT margin of Oil and Gas segment rose from 17.80% to 57.63%. PBIT margin of Digital Services segment fell from 24.71% to 24.68%. PBIT margin of Financial services segment rose from 27.56% to 36.53%. PBIT margin of Oil to Chemicals (02C) segment rose from 10.07% to 11.14%. PBIT margin of Retail segment rose from 3.77% to 5.11%. Overall PBIT margin rose from 10.61% to 11.45%. Other income fell 46.74% to Rs 2247 crore. PBIDT rose 45.88% to Rs 40244 crore. Provision for interest rose 17.66% to Rs 3997 crore. Higher finance costs are mainly due to increase in interest rates and currency depreciation. PBDT rose 49.84% to Rs 36247 crore. Provision for depreciation rose 29.97% to Rs 8946 crore. The increase in depreciation is primarily due to higher production in upstream business and higher capacity utilization in Digital Services business. Profit before tax grew 57.75% to Rs 27,301.00 crore. Share of profit/loss was 75.68% lower at Rs -65 crore. Provision for tax was expense of Rs 7793 crore, compared to Rs 3464 crore. Effective tax rate was 28.61% compared to 20.06%. Outstanding debt as on June 30, 2022 was Rs 263,382 crore. Cash and cash equivalents as on June 30, 2022 were at Rs 205,727 crore. Minority interest decreased 2.94% to Rs 1,488.00 crore. Net profit attributable to owners of the company increased 46.30% to Rs 17,955.00 crore. Promoters stake was 49.11% as of 30 June 2022 compared to 49.14% as of 30 June 2021. Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: ?Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever. I am also happy with the progress of our Consumer platforms. In Retail business, we continue to focus on enhancing our consumer touch-points and building a stronger value proposition for our customers. Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures. Customer engagement on our Digital Services platform remains high. Jio is working towards expanding data availability for all Indians and I am pleased to see the positive trends in mobility and FTTH subscriber additions. Reliance is committed to invest in Indias energy security. Our New Energy business is forging partnerships with technology leaders in solar, energy storage solutions and the hydrogen eco-system. These partnerships will help us realize the vision of clean, green and affordable energy solutions for all Indians.? Full year results analysis Net sales of Reliance Industries have increased 49.91% to Rs 699962 crore. Sales of Others segment rose 47.99% to Rs 71,360.00 crore (accounting for 8.09% of total sales). Sales of Oil and Gas segment has gone up 250.09% to Rs 7,492.00 crore (accounting for 0.85% of total sales). Sales of Digital Services segment has gone up 10.94% to Rs 1,00,161.00 crore (accounting for 11.36% of total sales). Sales of Financial services segment has gone down 12.76% to Rs 2,127.00 crore (accounting for 0.24% of total sales). Sales of Oil to Chemicals (02C) segment has gone up 56.53% to Rs 5,00,900.00 crore (accounting for 56.80% of total sales). Sales of Retail segment has gone up 26.66% to Rs 1,99,749.00 crore (accounting for 22.65% of total sales). Inter-segment sales rose Rs 81,557.00 crore to Rs 89,033.00 crore. Exports (including deemed exports) from RILs India operations increased by 75.7% to Rs 254,970 crore as against Rs 145,143 crore in the previous year mainly due to both higher price realizations and higher volumes Operating profit margin has declined from 17.29% to 15.78%, leading to 36.81% rise in operating profit to Rs 1,10,460.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 42.00% to 50.01%. Purchase of finished goods cost fell from 21.40% to 18.79%. Employee cost decreased from 3.11% to 2.60%. Other expenses fell from 16.53% to 13.28%. Other income fell 8.45% to Rs 14947 crore. PBIDT rose 29.20% to Rs 125407 crore. Provision for interest fell 31.17% to Rs 14584 crore. Loan funds rose to Rs 2,81,974.00 crore as of 31 March 2022 from Rs 2,60,125.00 crore as of 31 March 2021. Inventories rose to Rs 1,07,778.00 crore as of 31 March 2022 from Rs 81,672.00 crore as of 31 March 2021. Sundry debtors were higher at Rs 23,640.00 crore as of 31 March 2022 compared to Rs 19,014.00 crore as of 31 March 2021. Cash and bank balance rose to Rs 36,178.00 crore as of 31 March 2022 from Rs 17,397.00 crore as of 31 March 2021. Investments rose to Rs 3,94,264.00 crore as of 31 March 2022 from Rs 3,64,828.00 crore as of 31 March 2021 . PBDT rose 46.06% to Rs 110823 crore. Provision for depreciation rose 12.14% to Rs 29797 crore. Fixed assets increased to Rs 7,87,295.00 crore as of 31 March 2022 from Rs 6,56,999.00 crore as of 31 March 2021. Intangible assets increased from Rs 10,212.00 crore to Rs 13,009.00 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 43.16% to Rs 89,325.00 crore. PBIT of Others segment rose 42.94% to Rs 5,196.00 crore (accounting for 5.82% of total PBIT). PBIT of Oil and Gas reported profit of Rs 2,879.00 crore compared to loss of Rs 1,477.00 crore. PBIT of Digital Services segment rose 18.74% to Rs 25,150.00 crore (accounting for 28.16% of total PBIT). PBIT of Financial services segment fell 45.29% to Rs 708.00 crore (accounting for 0.79% of total PBIT). PBIT of Oil to Chemicals (02C) segment rose 51.80% to Rs 45,194.00 crore (accounting for 50.60% of total PBIT). PBIT of Retail segment rose 27.62% to Rs 10,198.00 crore (accounting for 11.42% of total PBIT). PBIT margin of Others segment fell from 7.54% to 7.28%. PBIT margin of Oil and Gas segment rose from negative 69.02% to 38.43%. PBIT margin of Digital Services segment rose from 23.46% to 25.11%. PBIT margin of Financial services segment fell from 53.08% to 33.29%. PBIT margin of Oil to Chemicals (02C) segment fell from 9.30% to 9.02%. PBIT margin of Retail segment rose from 5.07% to 5.11%. Overall PBIT margin rose from 10.05% to 10.13%. Profit before tax grew 64.34% to Rs 81,026.00 crore. Share of profit/loss was 45.74% lower at Rs 280 crore. PBT before EO rose 63% to Rs 81306 crore. The comany reported net EO income of Rs 2836 crore compared to net EO income of Rs 5642 crore. PBT after EO was up 52% to Rs 84142 crore. Provision for tax was expense of Rs 16297 crore, compared to Rs 1722 crore. Effective tax rate was 19.37% compared to 3.10%. Minority interest increased 54.85% to Rs 7,140.00 crore. Net profit attributable to owners of the company increased 23.56% to Rs 60,705.00 crore. Equity capital increased from Rs 6,445.00 crore as of 31 March 2021 to Rs 6,765.00 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00. Promoters stake was 49.11% as of 31 March 2022 compared to 49.14% as of 31 March 2021 . Cash flow from operating activities increased to Rs 1,10,654.00 crore for year ended March 2022 from Rs 26,958.00 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 1,00,145.00 crore, compared to Rs 1,05,837.00 crore during the year ended March 2021. . Operational Highlights Consolidated Jio Platforms Quarterly operating revenue (net of GST) was Rs 23,467 crore, growth of 23.8%, driven by residual impact of tariff hike and acceleration in FTTH. EBITDA was at Rs 11,424 crore, higher by 28.5% Y-o-Y led by strong revenue growth and margin improvement. EBITDA mrgin was at 48.7%, increased 176 bps Y-o-Y due to ARPU increase in connectivity business partly offset by inflationary pressure on operating costs. Net Profit for the quarter was Rs 4,530 crore, higher by 24.1% Y-o-Y ARPU during the quarter of Rs 175.7 per subscriber per month saw a healthy 27.0% growth on Y-o-Y basis and 4.8% growth on Q-o-Q basis Total customer base as on 30th June 2022 of 419.9 million Total data traffic was 25.9 billion GB during the quarter (27.2% growth YoY) Total voice traffic was 1.25 trillion minutes during the quarter (17.2% growth YoY) Net subscriber addition witnessed a strong rebound to 9.7 million driven by continued strength in gross adds (35.2 million in 1Q FY23) and reduced SIM consolidation impact. During Q1FY23, average data and voice consumption per user per month increased to 20.8 GB and 1,001 minutes, respectively. Reliance Retail Business witnessed its first quarter without any operating disruptions since the onset of COVID. Consumer spending got a boost as families indulged in leisure activities, socializing, festivities and shopping as COVID situation improved though sentiments remained cautious due to inflationary concerns. Footfalls recorded at 175 million for the quarter, were 19% above pre-COVID levels as consumers returned to stores. The increased footfalls and digital visits have translated into around 220 million transactions in Q1FY23, a growth of more than 60% over pre-COVID levels. The business posted an operating EBITDA of Rs 3,897 crore, up 180.4% Y-o-Y with a 350-bps improvement in margin at 7.6% compared to 4.1% in the corresponding quarter of the previous year. This was led by higher contribution from Fashion & Lifestyle and Consumer Electronics and growing operating leverage with strong LFL growth over last year across consumption baskets. The registered customer base crossed a milestone of 20 crore. The customer base stood at 20.8 crore at the end of the quarter, up 29% YoY. The business continues to seize the large market opportunity in the country through expanding its presence across geographies. With 792 store openings in the quarter, the spread of 15,866 stores with an area of 45.5 million sq ft covers all corners of the country. Oil to Chemicals (O2C) Segment Revenues for Q1FY23 increased by 56.7% Y-Y to Rs 161,715 crore primarily on account of higher crude oil and product prices. Benchmark Brent crude average price was up 65% YoY to $ 113.9/bbl. Segment EBITDA for QFY23 improved by 62.6% YoY to Rs 19,888 crore primarily on account of sharp rise in transportation fuel cracks and better volumes. The EU embargo on Russian oil products, higher gas to oil switching, strong travel demand and lower product inventory levels resulted in tight fuel markets. Downstream chemical profitability was stable with strong PX, PTA and PET deltas offsetting weak polymer and downstream polyester deltas on YoY basis. Reliance BP Mobility Limited profitability was adversely impacted on account of under recovery as retail fuel prices remained capped despite higher benchmark product prices. Global oil demand in Q1FY23 rose by 1.6 mb/d Y-o-Y to 97.8 mb/d, due to strong demand recovery in Asia, improved air travel demand in Europe and US alongside seasonal demand. Easing of lockdown restrictions in China in later part of quarter also contributed to demand recovery. Crude oil benchmarks soared YoY due to EU acceptance of sanctions on Russian Oil, nominal supply increase from OPEC, limited OPEC+ spare capacity and strong demand recovery. Global refinery throughput was higher by 1.7 mb/d YoY at 78.8 mb/d in Q1FY23, reflecting tight market conditions. Domestic demand of HSD, MS & ATF increased YoY by 20.4 %, 29.4 % and 86.0 % respectively. Polymers Domestic polymer demand improved during the quarter with increased economic activities. During Q1FY23, Polymer demand improved by 9% YoY and was 8% above pre-COVID level with domestic markets witnessing healthy demand from sectors like agriculture, consumer durables, automotive, ecommerce food packaging and infrastructure. PE margin averaged $ 415/MT during Q1FY23 as against $ 325/MT in QY22 and $ 508/MT in Q1FY22. Sharp increase in Naphtha prices impacted delta on YoY basis. Naphtha prices averaged $ 827/MT in Q1FY23, up 39% YoY. PP margin averaged $ 421/MT during Q1FY23 as against $ 412/MT in Q4FY22 and $ 652/MT in Q1FY22. Higher feedstock prices impacted margin on YoY basis. PVC margin averaged $ 576/MT in Q1FY23 as against $ 450/MT in Q4FY22 and $ 689/MT in Q1FY22. YoY decline in margin was led by reduction in PVC price and sharp increase in naphtha price. US Ethane prices increased to 58.5 cents per gallon, up by 127% YoY and 46% QoQ in line with higher US LNG prices amidst uncertain geopolitical situation. RIL continued to optimize cracker feedstock (Ethane vs Naphtha) to maximize value. Logistics constraints, higher ocean freight and regional availability constraint continued to support domestic prices Robust supply chain network and superior customer service supported optimum product placement in domestic market. RIL continued to maintain leadership position in domestic polymer market. Polyesters Chain High volatility in feedstock prices and high inflation concerns led to slow down in global Intermediates and Polyester markets. China Polyester demand was impacted during the quarter due to COVID related lockdown. Polyester and PTA operating rate in China reduced during the quarter. Domestic polyester demand increased by 44% YoY during Q1FY23; which was up by 22% from pre- COVID level. On Y-o-Y basis, PFY, PSF and PET demand increased by 31%, 56% and 90% respectively due to strong economic activities and lower base effect as Q1FY22 demand was impacted due to second wave of COVID. Polyester chain margin averaged at $ 593/MT during Q1FY23 as against $ 560/MT in Q4FY22 and $ 622/MT in Q1FY22. On YoY basis, polyester chain delta declined by 5% due to weak MEG and Polyester margins. PX margin improved with firm PX prices led by higher crude price and gasoline blending demand. PTA margins improved amidst availability constraint. MEG margin declined due to high feedstock costs and capacity overhang. Downstream polyester margins were impacted by volatile raw material prices and lower downstream demand in China. Transportation fuels Transportation fuel margins were significantly higher on account of dislocation in energy markets. The Ukraine conflict and resulting embargo on Russian supplies, along with strong travel demand, higher gas to oil switching, lower Chinese exports and low global inventories led to spike in fuel margins. There were significant headwinds in the crude and product markets with increased volatility. Crude markets remained very tight leading to strengthening of Crude OSPs for Asia from ME leading to increased input costs. Further, increase in energy and freight costs pushed up operating costs. Singapore gasoline 92 Ron cracks rose from an average $ 8.1/bbl in Q1FY22 and $ 15.1/bbl in Q4FY22, to $ 29.8/bbl in Q1FY23. Cracks rose YoY due to demand recovery in Asia, decrease in regional inventories, lower Chinese exports and seasonal demand in north America. Singapore gasoil 10-ppm cracks rose from an average $ 6.9/bbl in Q1FY22 and $ 21.6/bbl in Q4FY22, to $ 51.6/bbl in Q1FY23. The surge in cracks was due to EU embargo on Russian oil products, high natural gas prices leading to gas to oil switching, seasonal demand, lower exports from China and lower inventories. Singapore Jet/Kero cracks rose from an average $ 4.5 /bbl in Q1FY22 and $ 16.2/bbl in Q4FY22, to $ 39.2/bbl during Q1FY23. Cracks surged due to recovery in aviation demand in Europe and US and prioritizing gasoil over Jet/Kero production due to high gasoil crack. RIL O2C Operation Total throughput (including refinery) was 19.3 MMT an increase of 3.2% over 4Q FY21. RIL Cracker operating rate was at 99% for 4Q FY22. Gasoil and gasoline production were maximised with improved product cracks. Fuel mix was optimised through minimised sourcing of high-cost LNG. Biomass co-firing maximised at HMD/DMD, making Reliance Indias largest Biomass consumer for power generation, a step towards achieving Net Carbon Zero goal RIL O2C Operation RIL maintained high utilization levels across sites and units. Total throughput (including refinery) was 19.7 MMT, marginally higher than Q1FY22 RIL Cracker operating rate was at 87% for Q1FY23 on account of planned shutdown at Hazira (Q4FY22 – 99% and Q1 FY22 – 95%), which resulted in lower polymer production for the quarter. Aromatics production was rationalized with diversion of reformate for gasoline blending on favourable economics. Increased utilization of gasifiers helped reduce costly liquid fuel consumption and eliminated high-cost LNG imports. Oil and Gas (Exploration and production) Business Segment Revenues for Q 1Y23 increased by 183.0% YoY to Rs 3,625 crore. Segment EBITDA sharply increased to Rs 2,737 crore. This was primarily due to improved gas price realization in KG D6 and CBM, and higher production in KG D6. KGD6 Gas production during Q1FY23 was at 40.6 BCF (RILs share) vis-?-vis 33.1 BCF (RILs Share) in Q1FY22. Average gas price realized for KGD6 was at $ 9.72/MMBTU in Q1FY23 vs $ 3.62/MMBTU in Q1FY22. CBM gas production was at 2.4 BCF in 11 FY23 vis-?-vis 2.7 BCF in Q1FY22. Gas price realized for CBM was higher at $ 22.48/MMBTU(GCV) almost 3.75x of realized prices in Q1FY22. Media Business Consolidated revenue rose 10.4% Y-o-Y to Rs 1,340 crore during 1Q FY23, driven by the growth in entertainment ad and movie business revenues. High inflation created a challenging environment for advertising revenue while subscription revenue continued to be stymied by the delay in NTO 2.0 implementation In line with its growth plans, Network18 Group ramped up its investments to establish strong competitive positions across Entertainmen and Digital News segments. With most of these investments being front-loaded and a subdued revenue growth environment, operating costs grew faster than revenue, impacting the profitability. As a result, consolidated EBITDA was Rs 46 crore, down 75.5% on a YoY basis. Operating margin was at 3.4%. The scrip is currently trading at Rs 2502
| Reliance Industries : Consolidated Results | ||||||
| Particulars | 2206 (03) | 2106 (03) | Var.(%) | 2203 (12) | 2103 (12) | Var.(%) |
| Net Sales | 219304 | 139949 | 57 | 699962 | 466924 | 50 |
| OPM (%) | 17.3 | 16.7 | 15.8 | 17.3 | ||
| OP | 37,997 | 23,368 | 63 | 110460 | 80,737 | 37 |
| Other Inc. | 2,247 | 4,219 | -47 | 14,947 | 16,327 | -8 |
| PBIDT | 40,244 | 27,587 | 46 | 125407 | 97,064 | 29 |
| Interest | 3,997 | 3,397 | 18 | 14,584 | 21,189 | -31 |
| PBDT | 36,247 | 24,190 | 50 | 110,823 | 75,875 | 46 |
| Depreciation | 8,946 | 6,883 | 30 | 29797 | 26572 | 12 |
| PBT | 27,301 | 17,307 | 58 | 81026 | 49303 | 64 |
| Share of Profit/(Loss) from Associates | -65 | -37 | -76 | 280 | 516 | -46 |
| PBT before EO | 27236 | 17270 | 58 | 81306 | 49819 | 63 |
| EO Income | 0 | 0 | – | 2836 | 5642 | -50 |
| PBT after EO | 27236 | 17270 | 58 | 84142 | 55461 | 52 |
| Taxation | 7793 | 3464 | 125 | 16297 | 1722 | 846 |
| PAT | 19443 | 13806 | 41 | 67845 | 53739 | 26 |
| Minority Interest (MI) | 1488 | 1533 | -3 | 7140 | 4611 | 55 |
| Net profit | 17955 | 12273 | 46 | 60705 | 49128 | 24 |
| EPS (Rs)* | 86.7 | 65.2 | ||||
| Notes | ||||||
| * EPS is on current equity of Rs 6,765.14 crore, Face value of Rs 10, Excluding extraordinary items. | ||||||
| EPS is not annualised | ||||||
| bps : Basis points | ||||||
| EO : Extraordinary items | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate Database |
| Reliance Industries : Consolidated Segment Results | ||||||||
| % of (Total) | 2206 (03) | 2106 (03) | Var.(%) | % of (Total) | 2203 (12) | 2103 (12) | Var.(%) | |
| Sales | ||||||||
| Others | 6 | 15522 | 12100 | 28 | 8 | 71360 | 48220 | 48 |
| Oil and Gas | 1 | 3625 | 1281 | 183 | 1 | 7492 | 2140 | 250 |
| Digital Services | 11 | 28511 | 23403 | 22 | 11 | 100161 | 90287 | 11 |
| Financial services | 0 | 271 | 479 | -43 | 0 | 2127 | 2438 | -13 |
| Oil to Chemicals (02C) | 60 | 161715 | 103212 | 57 | 57 | 500900 | 320008 | 57 |
| Retail | 22 | 58569 | 38563 | 52 | 23 | 199749 | 157702 | 27 |
| Total Reported Sales | 100 | 268213 | 179038 | 50 | 100 | 881789 | 620795 | 42 |
| Less: Inter segment revenues | 25231 | 20176 | 25 | 89033 | 81557 | 9 | ||
| Net Sales | 242982 | 158862 | 53 | 792756 | 539238 | 47 | ||
| PBIT | ||||||||
| Others | 2 | 474 | 1014 | -53 | 6 | 5196 | 3635 | 43 |
| Oil and Gas | 7 | 2089 | 228 | 816 | 3 | 2879 | -1477 | LP |
| Digital Services | 23 | 7036 | 5782 | 22 | 28 | 25150 | 21181 | 19 |
| Financial services | 0 | 99 | 132 | -25 | 1 | 708 | 1294 | -45 |
| Oil to Chemicals (02C) | 59 | 18016 | 10394 | 73 | 51 | 45194 | 29773 | 52 |
| Retail | 10 | 2995 | 1454 | 106 | 11 | 10198 | 7991 | 28 |
| Total PBIT | 100 | 30709 | 19004 | 62 | 100 | 89325 | 62397 | 43 |
| Less : Interest | 3997 | 3397 | 18 | 14584 | 21027 | -31 | ||
| Add: Other un-allcoable | 524 | 1663 | -68 | 9401 | 14091 | -33 | ||
| PBT | 100 | 27236 | 17270 | 58 | 100 | 84142 | 55461 | 52 |
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