The country's largest publicly traded company, Reliance Industries, has released its separate financial statement results for it's third quarter of the fiscal year 2023. 

For the three months ending December 31, 2022, Reliance Industries' consolidated net profit increased by 13% to Rs 17,806 crore. The diversified conglomerate earned Rs 13,656 crore in the same period last year. When compared with the same period last fiscal year, revenue from operations increased by 15%, from Rs 1.9 trillion to Rs 2.2 trillion.

Profit of 17,806 crores is up slightly year-over-year despite rising finance costs and depreciation. Due to growth in consumer businesses and higher oil prices, annual revenue increased to 240,963 crore, a 14.8% year-over-year increase.

The growth in EBITDA of 38,460 crores, or 13.5% year-over-year, was driven by upstream and consumer businesses.

EBITDA for Digital Services Raises to 12,900 Crore, a rise of 26%.  There was a 25% increase in retail EBITDA to 4,786 crores.  Growth in Oil and Gas EBITDA of 91% to Rs. 3,880 Crore. Further, an increase of 3% in O2C EBITDA to 13,926 crores.

"The businesses have done an outstanding job in delivering strong profitability through a challenging environment," said Mr. Mukesh Ambani. The strong YoY expansion in consolidated EBITDA was a team effort across all business units. Strong demand, limited supply, and expensive natural gas in Europe have not dampened the fundamentals of the O2C industry's middle distillate product. Oversupply and weak regional demand have put margin pressure on downstream chemical products.

With the MJ field up and running, we expect to produce 30 MMSCMD of gas in FY 24. For a country like India, where the energy market is so unstable, this is a huge boost to their safety net. At Jamnagar, we are moving quickly toward implementing new energy Giga factories as part of our mission to revolutionize the green energy sector. The stability of our financial position and the strength of our cash flow have been the bedrock of our dedication to expanding our current operations and exploring promising new ones.