Reliance Industries Ltd (RIL) on Friday reported a near 15 per cent year-on-year (y-o-y) dip in its consolidated net profit at ₹15,792 crore for the December quarter on higher expenses and an unfavourable base effect as the company had one-time gain year-ago.

On the other hand, the company’s revenue from operations rose 15 per cent (y-o-y) to ₹2.2 lakh crore led by a surge in the revenue of its retail subsidiary that rose 17 per cent (y-o-y) to ₹67,634 crore and revenues from digital services that went up just over a fifth to ₹30,343 crore. Its revenue from oils-to-chemicals segment went up to ₹1.4 lakh crore from ₹1.3 lakh crore year ago.

The company, in a release, said that operating profit at ₹38,460 crore was up 13.5 per cent, while the operating margin at 10.4 per cent was a little lower than the 10.8 per cent reported year ago.

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RIL Chairman Mukesh Ambani said that all segments had contributed to a robust growth in the operating profit on an annual basis.

In its core oils-to-chemicals business, from which it gets over 60 per cent of its revenue, the company said that middle distillate product fundamentals saw firm demand, constrained supply and high natural gas prices in Europe. Downstream chemical products witnessed margin pressure with excess supply and relatively weak regional demand, it said.

In its digital services business, there was strong momentum in customer growth and data consumption. Its average revenue per user per month was almost flat at ₹178.20 in the December quarter compared to ₹177.20 in the September quarter but was much higher from the year ago figure of ₹151.60.

The company has announced that it would raise ₹20,000 crore via non-convertible debentures.

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