Record Quarterly Consolidated Ebitda at ₹ 41,982 Crore ($ 5.1 Billion), Up 5.1% Y-o-y Record Quarterly Ebitda for Jio Platforms at ₹ 13,116 Crore, Up 14.8% Y-o-y Quarterly Ebitda for Reliance Retail Crossed ₹ 5,000 Crore Mark Jio Accelerates ‘2g-mukt Bharat’ Vision With ‘jiobharat’ Phone Platform Robust Growth in Retail With Expanded Physical-digital Footprint With 314 Mn Transactions Ril Announces Dividend of ₹ 9 /- Per Share
CONSOLIDATED FINANCIAL HIGHLIGHTS
(₹ in crore)
Sr.
No. |
Particulars | 1Q FY24 | 4Q FY23 | 1Q FY23 | % chg. Y-o-Y | FY23 |
1 | Gross Revenue | 231,132 | 238,957 | 242,529 | (4.7) | 974,864 |
2 | EBITDA | 41,982 | 41,252 | 39,935 | 5.1 | 153,920 |
3 | Depreciation | 11,775 | 11,452 | 8,942 | 31.7 | 40,303 |
4 | Finance Costs | 5,837 | 5,819 | 3,997 | 46.0 | 19,571 |
5 | Profit Before Tax | 24,370 | 23,981 | 26,996 | (9.7) | 94,046 |
6 | Tax Expenses | 6,112 | 2,754 | 7,591 | (19.5) | 20,376 |
7 | Profit After Tax# | 18,258 | 21,227 | 19,405 | (5.9) | 73,670 |
8 | Capital Expenditure* | 39,645 | 44,413 | 31,442 | - | 141,809 |
9 | Outstanding Debt | 318,685 | 313,966 | 263,382 | - | 313,966 |
10 | Cash & Cash Equivalents | 192,064 | 188,200$ | 205,727 | - | 188,200$ |
# Excluding Financial Services
* Excluding amount incurred towards Spectrum and adjusted for Capital Advances.
$ Restated Cash & Cash Equivalents for Mar’23 reflects transfer of cash and liquid investments to Jio Financial Services Limited.
Quarterly Performance (1Q FY24 vs 1Q FY23)
- Gross Revenue was ₹ 231,132 crore ($ 28.2 billion), down 4.7% Y-o-Y, due to sharp decline in O2C revenues with 31% fall in crude oil prices. However, this is partially offset by continued growth in consumer businesses and increase in volumes from O2C and Oil & Gas
- EBITDA increased by 5.1% Y-o-Y to ₹ 41,982 crore ($ 5.1 billion). EBITDA growth was led by consumer and upstream businesses, which offset decline in O2C earnings. O2C earnings were lower due to a sharp fall in fuel cracks from exceptionally high levels in 1Q Higher subscriber base and customer engagement led revenue and profitability growth for Digital Services. Retail earnings reflect expanded footprint and improved profitability with operating leverage. Higher production and realizations contributed to growth in Oil & Gas EBITDA.
- Depreciation increased by 31.7% Y-o-Y to ₹ 11,775 crore ($ 1.4 billion) due to expanded asset base across all the businesses and higher network utilization in Digital Services business.
- Finance costs increased by 46.0% Y-o-Y to ₹ 5,837 crore ($ 711 million) primarily due to higher interest rates and loan
- Tax Expenses of ₹ 6,112 crore ($ 745 million) in 1Q FY24 were lower on account of lower deferred tax in 1Q FY24.
- Profit for the period declined by 5.9% Y-o-Y at ₹ 18,258 crore ($ 2.2 billion) on account of higher finance cost and increased
- The Capital Expenditure for the quarter ended June 30, 2023 was ₹ 39,645 crore ($ 8 billion).
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance’s strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments.
Jio’s wide range of quality offerings at affordable price points has enabled strong growth in subscriber base, which reflects in the financial performance of the digital services business. Accelerated roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace. In another step towards democratizing internet in India, Jio launched the “JioBharat” Phone Platform, making internet technology accessible and affordable to every Indian.
Retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls. The contribution of Digital and New Commerce initiatives is scaling up, delivering value to consumers and providing synergistic benefits to merchant partners.
O2C business delivered a resilient performance despite continuing global macro headwinds. Commencement of MJ field operations during the quarter will enhance India’s energy security, with total production from KGD6 block rising to ~30 MMSCMD in the coming months.
The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place. I firmly believe that Jio Financial Services is uniquely positioned to foster financial inclusion in India.”
CONSOLIDATED JIO PLATFORMS LIMITED (“JPL”)
RECORD QUARTERLY REVENUE AT ₹ 30,640 CRORE, UP 11.3% Y-o-Y RECORD QUARTERLY EBITDA AT ₹ 13,116 CRORE, UP 14.8% Y-o-Y
NETWORK LEADERSHIP DRIVES OVER 9 MILLION NET SUBSCRIBER ADDITIONS AND PER CAPITA DATA USAGE OF ~ 25GB / MONTH
JIOFIBER DRIVES INDUSTRY GROWTH; 80% SHARE OF INCREMENTAL NET ADDS
1. FINANCIAL RESULTS
(₹ in crore)
Sr.
No. |
Particulars | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Gross Revenue | 30,640 | 29,871 | 27,527 | 11.3 | 115,099 |
2 | Revenue from
Operations |
26,115 | 25,465 | 23,467 | 11.3 | 98,099 |
3 | EBITDA | 13,116 | 12,767 | 11,424 | 14.8 | 48,721 |
4 | Depreciation | 5,275 | 5,093 | 4,329 | 21.9 | 18,964 |
5 | Finance Costs | 982 | 1,014 | 1,000 | (1.8) | 4,082 |
6 | Share of Profit/(loss)
of Associates & JV |
(3) | 3 | (2) | (50) | (5) |
7 | Tax Expenses | 1,758 | 1,679 | 1,563 | 12.5 | 6,546 |
8 | Net Profit | 5,098 | 4,984 | 4,530 | 12.5 | 19,124 |
Quarterly Performance (1Q FY24 vs 1Q FY23)
- Operating revenue growth was driven by subscriber gains in connectivity business and scale-up of digital services.
- Strong 8% Y-o-Y growth in EBITDA led by revenue increase with increased margins.
- Depreciation increased due to higher network utilisation and incremental addition to gross
- Finance Cost is lower due to repayment of short term loans in 1Q FY24.
- OPERATIONAL UPDATE
Sr.
No. |
Particulars | UoM | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Customer
Base |
Million | 448.5 | 439.3 | 419.9 | 6.8 | 439.3* |
2 | ARPU | ₹ per subscriber
per month |
180.5 | 178.8 | 175.7 | 2.8 | 178.8* |
3 | Data Traffic | billion GB | 33.2 | 30.3 | 25.9 | 28.3 | 113.3 |
4 | Voice Traffic | trillion minutes | 1.34 | 1.31 | 1.25 | 7.2 | 5.06 |
- for exit quarter
- Jio continued to lead industry’s net subscriber addition with 2 million adds in 1Q FY24. Monthly churn also reduced to 1.8% during the quarter.
- ARPU increased 8% Y-o-Y driven by better subscriber mix and ramp-up of wireline business.
- 5G adoption and FTTH ramp-up drives strong 3% Y-o-Y growth in data usage as monthly data traffic on Jio network crosses 11 Exabytes during 1Q FY24.
- Sustained subscriber growth across mobility and wireline services led to revenue and EBITDA growth for the connectivity business. In addition, growth in digital services platform with newer services like Managed Video Broadcast and Cloud solutions, drives JPL consolidated revenue
- STRATEGIC PROGRESS
- Jio has deployed over 115,000 sites with ~690,000 5G cells covering more than 90% census towns and is leading in terms of both network availability and customer experience as evaluated by third-party technology and consumer research
- JioBharat Phone has been launched to accelerate the 2G-Mukt Bharat vision by enabling existing 250 million feature phone users to transition towards internet-enabled JioBharat leverages
Jio’s device and network capabilities to deliver digital services on entry-level phones in partnership with other phone brands. JioBharat platform is ready for scale up with successful initial trial of 1 million devices. JioBharat is the lowest priced made in India internet-enabled phone with affordable and competitive monthly service plans.
- Jio also launched JioDive which is a smartphone-based virtual reality (VR) headset. JioDive converts a phone into a 100-inch virtual theatre and enjoy 360-degree view of live sporting JioDive runs on JioImmerse application which has been built exclusively for Jio users to launch VR experiences across gaming, learning, entertainment, and wellness on the phone.
- JPL powered the technology behind seamless 4K streaming and ads for Tata Indian Premier League 2023 on JioCinema. JPL’s tech stack scaled extremely well and delivered glitch free experience at record breaking concurrency and other viewership statistics.
- LEADERSHIP QUOTE
Akash M Ambani, Chairman, Reliance Jio Infocomm Limited, said, “Jio continues to make rapid progress in rolling out its True5G network. Jio is on track to complete pan India 5G rollout before December 2023. The new JioBharat phone is another innovation by Jio combining network and device capabilities to help accelerate ‘2G-MUKT BHARAT’ vision and democratize internet. With these investments, Jio is embarking on a journey to accelerate growth momentum across connectivity and digital platforms over the coming years.”
CONSOLIDATED RELIANCE RETAIL
RECORD QUARTERLY REVENUE AT ₹ 69,948 CRORE, UP 19.5% Y-o-Y RECORD QUARTERLY EBITDA AT ₹ 5,139 CRORE, UP 33.9% Y-o-Y
HIGHEST EVER FOOTFALL OF 249 MILLION ACROSS FORMATS; 555 NEW STORES OPENED
- FINANCIAL RESULTS
(₹ in crore)
Sr.
No. |
Particulars | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Gross Revenue | 69,948 | 69,267 | 58,554 | 19.5 | 260,364 |
2 | Revenue from
Operations |
62,159 | 61,559 | 51,582 | 20.5 | 230,931 |
3 | EBITDA from
Operations |
4,896 | 4,769 | 3,897 | 25.6 | 17,609 |
4 | Investment
Income/(loss) |
243 | 145 | (60) | 505.0 | 319 |
5 | EBITDA | 5,139 | 4,914 | 3,837 | 33.9 | 17,928 |
6 | Depreciation | 1,334 | 1,188 | 850 | 56.9 | 3,965 |
7 | Finance Costs | 628 | 573 | 273 | 130.0 | 1,833 |
8 | Tax Expenses | 729 | 738 | 653 | 11.6 | 2,949 |
9 | Net Profit | 2,448 | 2,415 | 2,061 | 18.8 | 9,181 |
Quarterly Performance (1Q FY24 vs 1Q FY23)
- Business delivered a robust revenue of ₹ 69,948 crore, up by 19.5% Y-o-Y led by growth in Grocery, Consumer Electronics (excluding Devices) and Fashion &
- The business continues to maintain its strong track record of profit Profits crossed a new milestone as business delivers an EBITDA of ₹ 5,139 crore, up by 33.9% Y-o-Y. EBITDA before Investment Income was at ₹ 4,896 crore, up by 25.6% Y-o-Y.
- EBITDA margin from operations on net sales was at 9%, up +30 bps Y-o-Y driven by efficiencies.
- Depreciation increased on account of higher asset base due to addition of new stores and supply chain
- Higher Finance cost on account of increase in borrowings for business
- OPERATIONAL UPDATE
Sr.
No. |
Particulars |
UoM |
1Q FY24 | 4Q FY23 | 1Q FY23 | % chg. Y-o-Y | FY23 |
1 | Stores | Number | 18,446 | 18,040 | 15,866 | 16.3 | 18,040 |
2 | Area Operated | Million Sq. ft. | 70.6 | 65.6 | 45.5 | 55.2 | 65.6 |
3 | Store Footfalls | Million | 249 | 219 | 175 | 42.3 | 780 |
4 | Registered Customer Base | Million | 267 | 249 | 208 | 28.4 | 249 |
5 | Number of Transactions | Million | 314 | 294 | 220 | 42.7 | 1,033 |
Quarterly Performance (1Q FY24 vs 1Q FY23)
- The business maintained its store opening trajectory with 555 new store
- With customers continuing to patronize our stores, the quarter recorded highest ever footfalls at 249 million across
- Digital Commerce and New Commerce businesses continued to grow and contributed 18% of
- Towards the end of the quarter, completed Metro Cash and Carry India acquisition and initiatives are underway to integrate the business with Reliance
Consumer Electronics
- Consumer Electronics business, excluding devices, delivered 14% growth Y-o-Y.
- The business drove consumer engagement through category-led promotions (Chill-Fest for AC, Boot-Up for laptop, IPL for TV) and regional festivities leading to broad based growth across
- resQ, the service organization, delivered robust growth and crossed a milestone of 1,000 service
- Own brands/PBG business launched several new products across categories during the The business continues to expand its distribution reach with its merchant count growing by 2.4x Y-o-Y.
- New Commerce continued its growth journey and expanded its merchant partner base by 71% Y-o-Y. Phones and large appliances notably did well.
Fashion & Lifestyle
- The business delivered a revenue growth of 15% Y-o-Y driven by pick up in store traffic and average bill value.
- Consumer preferences continue to evolve particularly after social life and travel has resumed in a post COVID era. Business is curating the assortment to offer trendy and high-quality products to serve evolving consumer needs. Categories like smart casuals and athleisure are seeing strong growth.
- Lingerie business saw steady performance with Amante and Clovia The business strengthened product portfolio through several new launches with Athleisure, ribbed crop tops, Disney sleep & loungewear amongst notable ones.
- AJIO reported another strong quarter with sustained improvement across operational metrics. The business added 2 million new customers during the period along with several new brand launches across
- Partner Brands business continues to lead luxury and premium segment with widest portfolio of brands. The business launched Pret-a-Manger, the iconic British chain, during the period known for its coffee, salads, sandwiches and Jewellery business saw robust revenue growth on the back of growth across all town classes led by wedding season and regional festivals. Business launched several new collections of exquisite jewellery to serve its customers.
- Urban Ladder continued its store expansion and further strengthened its merchandise
Grocery
- Grocery business delivered another quarter of record performance, up 59% Y-o-Y, led by Smart and Smart Bazaar formats.
- A strong customer proposition backed by impactful events (‘Public Holiday Sales’ event and regional promotions) drove growth in footfall and
- Non-food continues to grow rapidly with improving share in overall
- The business capitalized on the summer season with an uptick in several related categories such as ice-creams, cold drinks, and seasonal fruits like
- Grocery New Commerce continues to evolve with the business operating model synergizing with Metro Cash and Carry India business to further bolster its value
Consumer Brands
- Consumer brands maintains its growth trajectory with all categories performing
- The business is focusing on expanding distribution reach and engagement in General Trade channel, delivering 8x Y-o-Y revenue
- There was a sharp uptick in performance of the beverages category with sales growing 11x Y-o-Y led by Campa Cola gaining traction across the country.
- During the quarter, the business launched Alan’s Bugles, an international corn chips brand, in partnership with General Mills and range of deodorants in partnership with Europer
JioMart
- JioMart is on a sustained growth path as customers benefit from attractive value proposition and choice of wide array of products driving increase in traffic and average bill value.
- The platform continues to focus on strengthening its catalogue with option count growing ~6x Y-o-Y and expanding its seller base which is up ~4x Y-o-Y.
- JioMart has built a new marketing property, ‘Grand Shopping Carnival’ which has been well received by The event drove a large base of incremental customers and witnessed doubling of electronics category share.
- LEADERSHIP QUOTE
Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said “I am delighted to share that our financial performance in the quarter has been resilient and aligned with our business goals. The sustained growth across consumption baskets has further consolidated our position as a market leader. We continue to innovate and invest in our stores and digital platforms to make shopping more engaging for our customers."
CONSOLIDATED OIL TO CHEMICALS (O2C)
QUARTERLY REVENUE AT ₹ 133,031 CRORE ($ 16.2 BILLION), DOWN 17.7% Y-o-Y QUARTERLY EBITDA AT ₹ 15,271 CRORE ($ 1.9 BILLION), DOWN 23.2% Y-o-Y
JIO-BP LAUNCHED PIONEERING FUEL-ECONOMY DIESEL (PAN INDIA) AND COMPRESSED BIOGAS (AT
JAMNAGAR)
JIO-BP PULSE CONTINUES TO EMERGE AS THE LARGEST CHARGING POINT OPERATOR (CPO) IN THE
COUNTRY
- FINANCIAL RESULTS
(₹ in crore)
Sr.
No. |
Particulars |
1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Revenue | 133,031 | 128,634 | 161,715 | (17.7) | 594,650 |
2 | Exports | 69,006 | 78,851 | 96,156 | (28.2) | 339,811 |
3 | EBITDA | 15,271 | 16,293 | 19,888 | (23.2) | 62,075 |
4 | Depreciation | 2,090 | 2,099 | 1,872 | 11.6 | 8,192 |
Quarterly Performance (1Q FY24 vs 1Q FY23)
O2C segment delivered a resilient performance despite short-term macro challenges. Demand was impacted by destocking on recessionary fears and high interest rates, as well as slower than expected ramp-up in China markets. Y-o-Y comparisons are skewed due to historic high fuel cracks in 1Q FY23, with dislocation in energy
- Revenue for 1Q FY24 reduced by 17.7% Y-o-Y to ₹ 133,031 crore ($ 16.2 billion) primarily on account of sharp reduction in crude oil prices and lower price realisation of downstream This was partially offset by higher volumes.
- EBITDA for 1Q FY24 reduced by 23.2% Y-o-Y to ₹ 15,271 crore ($ 1.9 billion) led by fall in transportation fuel cracks and lower downstream chemical margins. This was partially offset by operational flexibility, optimized feedstock cost and conducive fuel retailing environment.
- OPERATIONAL UPDATE
Sr.
No. |
Particulars | UoM | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Total Throughput | MMT | 19.7 | 19.8 | 19.8 | (0.5) | 77.0 |
2 | Production meant for
Sale* |
MMT | 17.2 | 17.1 | 16.9 | 1.8 | 66.4 |
- Production meant for Sale denotes Total Production adjusted for Captive Consumption
- Impact of Cyclone Biparjoy was minimized by depleting inventory in the processing
- During the quarter, planned shutdown of FCC feed hydrotreater at Jamnagar and Dahej Cracker was completed.
- Arbitrage feedstock sourcing was preferred and increased over regional crudes that were available at higher
- ATF production was maximized with improved
- Gasoline netback was maximized by supplying to US market to capture improved arbitrage with summer
- Aromatics production was optimized based on netback for alternate product (PX vs gasoline).
- High gasifier availability was ensured to eliminate LNG sourcing and minimize energy cost by optimizing fuel
Business Environment
- Global oil demand in 1Q FY24 rose by 8 mb/d Y-o-Y to 101.4 mb/d, due to higher demand mainly from China, Middle East, and Asia. Jet/Kero and gasoline posted strong demand growth Y-o-Y, while diesel demand remained flat.
- Crude oil benchmarks fell Y-o-Y due to macro-economic headwinds on high interest rates and lower industrial activities in US and EU. Continued Russian oil supply despite EU ban and production cuts announced by OPEC+ countries did not impact production, keeping market in surplus in 1Q FY24. Dated Brent averaged $ 78.4 /bbl in 1Q FY24, lower by $ 35.5 /bbl Y-o-Y and by $ 2.9 /bbl Q-o-Q.
- Global refinery throughput was higher by 9 mb/d Y-o-Y and fell by 0.1 mb/d Q-o-Q at 81.8 mb/d in 1Q FY24.
- Quarterly domestic demand of HSD, MS & ATF increased by 8.1%, 6.8% and 13.3% Y-o-Y
Polymers
- Polymer prices declined Y-o-Y with subdued demand from China, US & Europe and destocking due to volatile energy price Prices declined across polymers with PP price down by 24%, PE by 22% and PVC by 40% Y-o-Y.
- US Ethane price was at 21 cpg, down by 64% Y-o-Y in line with lower US gas prices. Singapore Naphtha price was at $ 567 / MT, down by 31% Y-o-Y.
- PE margin over Naphtha averaged $397/MT during 1Q FY24 as against $ 415 / MT in 1Q FY23 and $ 340 / MT in 4Q FY23. PP margin averaged $ 381 / MT during 1Q FY24 as against $ 421 / MT in 1Q FY23 and $ 367 / MT in 4Q FY23. PVC margin averaged $ 373 / MT in 1Q FY24 as against $ 576 / MT in 1Q FY23 and $ 482 / MT in 4Q FY23.
- Domestic polymer demand has risen by 16% Y-o-Y, due to a pick-up in consumer activities and government PE and PP demand improved by 29% and 7% Y-o-Y respectively supported by healthy demand from FMCG, pharma, automotive, e-commerce food packaging, and infrastructure. PVC demand improved by 9% driven by pipe and infrastructure sector.
- A robust supply chain network and superior customer service supported optimal product placement in the domestic market. RIL continued to maintain leadership position in domestic polymer
Polyesters
- Polyester chain delta decreased Y-o-Y with lower margins in downstream polyesters amidst weak demand in China and slowdown in PET export Polyester chain margin was at $ 574 / MT during 1Q FY24 as against $ 593 / MT in 1Q FY23 and $ 516 / MT in 4Q FY23.
- During 1Q FY’24, PX supply remained tight due to turnaround season and diversion of feedstock post gasoline demand recovery. PTA margins remained stable with balanced production and decline in China MEG-Naphtha margins improved with relatively weaker Naphtha price on Y-o-Y basis.
- During 1Q FY’24, Indian market sentiments were stable due to slowdown in fabric Downstream operators moved to need-based purchasing in anticipation of a price correction.
- On Y-o-Y basis, domestic polyester demand increased by 5% with improvement in PET and PFY demand by 11% and 5% respectively. PSF demand reduced by 8% as market sentiments remained soft with decline in cotton prices.
Transportation fuels
- Singapore Gasoline 92 RON cracks fell Y-o-Y to $ 12.1 / bbl in 1Q FY24 from $ 29.8 / bbl in 1Q FY23 and fell Q-o-Q from $ 15.0 / bbl in 4Q FY23. Continued availability of Russian products despite sanctions and price caps kept the cracks under pressure. Growing supplies from new refineries further prompted cracks to However, gasoline demand in 1Q FY24 grew at a healthy rate of 1 mb/d Y-o-Y globally.
- Singapore Gasoil 10-ppm cracks fell Y-o-Y to $ 6 /bbl in 1Q FY24 from $ 51.6 /bbl in 1Q FY23 and fell Q-o-Q from $ 28.6 /bbl in 4Q FY23. Cracks remained lower than last year due to weak macroeconomic sentiments, lower industrial activities in US and EU and resilient Russian diesel supply. Demand for gasoil in 1Q FY24 remained nearly at the same level as that in 1Q FY23 but grew by ~300 kb/d Q-o-Q.
- Singapore Jet/Kero cracks fell Y-o-Y to $ 14 /bbl in 1Q FY24 from $ 39.2 /bbl in 1Q FY23 and fell Q-o-Q from $ 26.5 /bbl in 4Q FY23. Cracks reduced in line with gasoil cracks and improved Demand recovery of Jet/Kero is still 6% below 2019 annual average, even as Jet/Kero demand in 1Q FY24 grew at a healthy rate of ~1.2 mb/d Y-o-Y.
Jio-bp update
- Reliance BP Mobility Limited (operating under the brand Jio-bp), running 1,608 strong country-wide network, has launched pioneering fuel-economy diesel. It has potential to deliver incremental 4.3% mileage per truck, resulting in savings up to ₹ 1 Lakh per annum. The company has created India’s first automated dosing infrastructure and additive supply chain across the country. Both fuel-economy diesel and high-performance petrol is retailed at market price across the network.
- Backed by leading technology and the industry shift to transparent pricing regime, aviation business has continued growing with strengthening relationship with all leading airlines.
- Continuing its foray in energy transition, Jio-bp has launched Compressed Biogas at Jamnagar. With 2300+ live charging points and an entire gamut of demand aggregators and OEMs, Jio-bp pulse is spearheading the Indian EV growth CNG network has also grown to 7 states.
OIL AND GAS (EXPLORATION & PRODUCTION)
QUARTERLY REVENUE AT ₹ 4,632 CRORE ($ 565 MILLION), UP 27.8% Y-o-Y QUARTERLY EBITDA AT ₹ 4,015 CRORE ($ 489 MILLION), UP 46.7% Y-o-Y KG D6 GAS AND CONDENSATE PRODUCTION AT 48.3 BCFE, UP 18.4% Y-O-Y
- FINANCIAL RESULTS
(₹ in crore)
Sr.
No. |
Particulars | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Revenue | 4,632 | 4,556 | 3,625 | 27.8 | 16,508 |
2 | EBITDA | 4,015 | 3,801 | 2,737 | 46.7 | 13,589 |
3 | Depreciation | 824 | 674 | 648 | 27.2 | 2,656 |
Quarterly Performance (1Q FY24 vs 1Q FY23)
- 1Q FY24 Revenue was higher by 27.8% Y-o-Y. This is mainly on account of higher gas price realization and increase in KGD6 volumes with start-up of oil and condensate production from MJ fields.
- The average price realized for KGD6 gas is $ 10.81 /MMBTU in 1Q FY24 vis-à-vis $ 9.72 / MMBTU in 1Q FY23. The average price realized for CBM gas is $ 14.15 /MMBTU in 1Q FY24 vis-à-vis $ 22.48 / MMBTU in 1Q FY23.
- EBITDA increased to ₹ 4,015 crore, up by 7% on Y-o-Y basis. EBITDA margin was at 86.7% for 1Q FY24 up by ~ 120 bps as compared to 1Q FY23.
B.OPERATIONAL UPDATE
Sr.
No. |
Particulars | UoM | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | KGD6
Production |
Bcfe | 48.3 | 42.9 | 40.8 | 18.4 | 166.0 |
2 | CBM Production | Bcfe | 2.1 | 2.2 | 2.4 | (12.5) | 9.3 |
- STRATEGIC PROGRESS
KG D6 – MJ Field Project Update
- The Lower & Upper completion campaign for MJ wells is progressing as per Seven wells have been completed and connected; balance one well is expected to be completed by 2Q FY24.
- MJ field commenced production post testing and commissioning First Cargo of about 500,000 barrels of Condensate was sold during the quarter. The current rate of Condensate production is ~17,000 BOPD.
- During the quarter, two E-auctions for sale of 6 MMSCMD & 5 MMSCMD gas from KGD6 were The entire volume was placed, and Gas Sale Purchase Agreement (GSPA) signed with successful bidders across key sectors like CGD, fertilizers, steel and refineries among others.
- With incremental gas production from MJ field, along with ongoing production from R Cluster and Satellite Cluster fields, Block KG D6 is currently producing ~27 MMSCMD and is expected to reach ~ 30 MMSCMD in coming
MEDIA BUSINESS
RECORD QUARTERLY REVENUE AT ₹ 3,239 CRORE, UP 141.7% Y-o-Y
JIOCINEMA’S IPL REVENUE HIGHER THAN TV
JIOCINEMA CREATES HISTORY AS 449 MILLION TUNED IN FOR IPL, 120 MILLION FOR FINAL MATCH
FINANCIAL RESULTS
(₹ in crore)
Sr.
No. |
Particulars |
1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Gross Revenue | 3,790 | 1,731 | 1,558 | 143.3 | 7,266 |
2 | Revenue from Operations | 3,239 | 1,484 | 1,340 | 141.7 | 6,223 |
3 | EBITDA | 108 | 80 | 69 | 56.5 | 236 |
4 | Depreciation | 41 | 36 | 28 | 46.4 | 128 |
5 | Finance Cost | 68 | 79 | 28 | 142.9 | 209 |
6 | Share of Profit of
Associates & JV |
28 | 12 | 27 | 3.7 | 85 |
7 | Tax Expenses | (2) | 12 | 0 | (0) | |
8 | Net Profit | 29 | (35) | 39 | (25.6%) | (16) |
Quarterly Performance (1Q FY24 vs 1Q FY23)
- Revenue growth of 141.7% was driven by Viacom18, as IPL on JioCinema delivered record advertising revenues. The strong performance of JioCinema was driven by the scale, targeting ability, cost flexibility, measurement, and integration options, which offered significant advantages to advertisers on the platform. JioCinema’s advertising revenue was higher than TV as the platform attracted more than 13 times the number of advertisers on TV. With a host of new benchmarks, Viacom18 has taken the first big step in its journey of becoming India’s leading media
- News segment leveraged the leadership positions across markets to deliver strong revenue growth, driven by the performance of the TV segment.
- Consolidated EBITDA increased due to higher other
- OPERATIONAL UPDATE
Sr.
No. |
Particulars | UoM | 1Q
FY24 |
4Q
FY23 |
1Q
FY23 |
% chg.
Y-o-Y |
FY23 |
1 | Network Share - TV News1 | - | 12.3% | 11.7% | 9.5% | 280 bps | 10.7% |
2 | Network Share - TV
Entertainment2 |
- | 10.1% | 10.7% | 9.8% | 30 bps | 10.3% |
3 | Monthly Reach - Digital News3 | Million | 204.5 | 210.8 | 192.6 | 6.2 | 204.6 |
- BARC Data; Last week of the quarter; for FY23 - Average of all weeks;
- BARC Data;
- Comscore MMX data: 1Q FY24 -May’23, 4Q FY23 - Mar’23, 1Q FY23 - Jun’22, FY23 –Apr’22-Mar’23
Viacom18
- JioCinema firmly established itself as the country’s biggest OTT platform, driven by the spectacular performance of The platform set several new reach and engagement benchmarks – 449 million viewers tuned in to watch IPL on JioCinema, 120 million viewers for the final match, a total of 17 billion video views, and an average watch-time of more than 60 minutes per viewer per match. The platform brought digital reach at par with TV, creating a new milestone of concurrency with 32.1 million viewers. JioCinema’s unique features powered connected TVs to become the preferred medium for premium urban households, reaching more than twice the number of HD pay-TV homes in the first five weeks of the season.
- JioCinema rolled out an extensive catalogue of original shows and movies across multiple languages to engage consumers post IPL. Created in partnership with some of the country’s leading content creators, daily new episodes, 24-hour live feed of reality shows and weekly movie premieres, aim to make JioCinema India’s leading destination for entertainment.
- In a short span of just two weeks, Bigg Boss OTT became the most streamed entertainment property in India, watched by over 35 million viewers, generating 4 billion minutes of watch-time across 400 million video views. Powered by unique features like multi-camera feeds, 360o cameras, live chats, among other features, audiences have engaged with the show at a level never seen before, casting more than 150 million votes. Similarly, Asur 2 has also garnered impressive viewership, reaching nearly 30 million viewers and 3 billion minutes of watch-time in just over two weeks. JioCinema is also bringing an expansive English content library for paid subscribers in partnership with leading Hollywood studios like HBO, Warner Brothers, and NBCU.
- TV entertainment network had a 1% viewership share in the non-news genre. Colors, Colors Kannada and Colors Marathi maintained strong positions in their respective markets.
News
- TV News leads the genre in terms of reach, connecting with ~180mn people on average on a weekly basis. The network had an all-India viewership share of 12.3%1 and News18 India (Hindi channel) and CNN News18 (English Channel) continued to be the leaders in their genres, along with CNBC TV18 maintaining leadership in English business news genre. The network also had #1 channels in 5 markets including UP/Uttarakhand, Rajasthan, MP / Chhatisgarh, maintaining its status as the network of choice in the Hindi speaking
- Network18’s Digital portfolio was India’s #2 publisher, reaching nearly 45% of India’s internet Moneycontrol continued to be the leader in terms of time spent, and News18 English and Hindi continued to be amongst the top platforms in their genres, ranking high on engagement metrics. Local18 and Firstpost are creating new content formats for their audience and leveraging the massive reach of the network to drive scale.
1 Source: BARC | Mkt: All India, News genre | TG: 15+ | Week 26'23
Name of the Company: Reliance Industries Limited
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023
(₹ in crore, except per share data and ratios)
Particulars |
Quarter Ended | Year Ended (Audited) | |||
30 Jun'23 | 31 Mar'23 | 30 Jun’22 | 31 Mar’23 | ||
Income | |||||
Value of Sales & Services (Revenue) | 231,132 | 238,957 | 242,529 | 974,864 | |
Less: GST Recovered | 20,301 | 22,692 | 19,865 | 83,553 | |
Revenue from Operations | 210,831 | 216,265 | 222,664 | 891,311 | |
Other Income | 3,813 | 2,875 | 2,237 | 11,734 | |
Total Income | 214,644 | 219,140 | 224,901 | 903,045 | |
Expenses | |||||
Cost of Materials Consumed | 95,809 | 104,031 | 130,528 | 450,241 | |
Purchases of Stock-in-Trade | 38,372 | 37,777 | 37,043 | 168,505 | |
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade | (2,513) | (4,706) | (20,890) | (30,263) | |
Excise Duty | 3,272 | 3,431 | 3,809 | 13,476 | |
Employee Benefits Expense | 6,601 | 6,464 | 5,999 | 24,872 | |
Finance Costs | 5,837 | 5,819 | 3,997 | 19,571 | |
Depreciation / Amortisation and Depletion Expense | 11,775 | 11,452 | 8,942 | 40,303 | |
Other Expenses | 31,197 | 30,912 | 28,418 | 122,318 | |
Total Expenses | 190,350 | 195,180 | 197,846 | 809,023 | |
Profit Before Share of Profit/(Loss) of Associates and Joint Ventures and Tax | 24,294 | 23,960 | 27,055 | 94,022 | |
Share of Profit/(Loss) of Associates and Joint Ventures | 76 | 21 | (59) | 24 | |
Profit Before Tax from Continuing Operations | 24,370 | 23,981 | 26,996 | 94,046 | |
Tax Expenses | |||||
Current Tax | 3,392 | (769) | 4,066 | 8,398 | |
Deferred Tax | 2,720 | 3,523 | 3,525 | 11,978 | |
Profit from Continuing Operations | 18,258 | 21,227 | 19,405 | 73,670 | |
Profit from Discontinued Operations (Net of Tax) | - | 100 | 38 | 418 | |
Profit for the Period | 18,258 | 21,327 | 19,443 | 74,088 | |
Other Comprehensive Income | |||||
Continuing Operations | |||||
I | Items that will not be reclassified to Profit or Loss | 611 | (246) | (515) | (39) |
II | Income tax relating to items that will not be reclassified to Profit or Loss | (79) | 13 | 61 | (13) |
III | Items that will be reclassified to Profit or Loss | 1,091 | 950 | (5,761) | (9,503) |
IV | Income tax relating to items that will be reclassified to Profit or Loss | (276) | (86) | 1,160 | 1,829 |
Total Other Comprehensive Income / (Loss) from Continuing Operations (Net of Tax) | 1,347 | 631 | (5,055) | (7,726) | |
Discontinued Operations | |||||
I | Items that will not be reclassified to Profit or Loss (Net of Tax) | - | (7,906) | (1,421) | (11,101) |
II | Items that will be reclassified to Profit or Loss (Net of Tax) | - | 54 | (38) | 15 |
Total Other Comprehensive Income / (Loss) from Discontinued Operations (Net of Tax) | - | (7,852) | (1,459) | (11,086) | |
Total Other Comprehensive Income / (Loss) (Net of Tax) | 1,347 | (7,221) | (6,514) | (18,812) | |
Total Comprehensive Income for the Period | 19,605 | 14,106 | 12,929 | 55,276 |
(₹ in crore, except per share data and ratios)
Particulars |
Quarter Ended | Year Ended (Audited) | |||
30 Jun'23 | 31 Mar'23 | 30 Jun’22 | 31 Mar’23 | ||
Net Profit attributable to: | |||||
a) | Owners of the Company | 16,011 | 19,299 | 17,955 | 66,702 |
b) | Non-Controlling Interest | 2,247 | 2,028 | 1,488 | 7,386 |
Other Comprehensive Income attributable to: | |||||
a) | Owners of the Company | 1,341 | (7,227) | (6,474) | (18,783) |
b) | Non-Controlling Interest | 6 | 6 | (40) | (29) |
Total Comprehensive Income attributable to: | |||||
a) | Owners of the Company | 17,352 | 12,072 | 11,481 | 47,919 |
b) | Non-Controlling Interest | 2,253 | 2,034 | 1,448 | 7,357 |
Earnings per equity share (Face Value of ₹ 10/-) (Not Annualised for the quarter) | |||||
Continuing Operations | |||||
(a.1) | Basic (in ₹) | 23.66 | 28.37 | 26.48 | 97.97 |
(b.1) | Diluted (in ₹) | 23.66 | 28.37 | 26.48 | 97.97 |
Discontinued Operations | |||||
(a.1) | Basic (in ₹) | - | 0.15 | 0.06 | 0.62 |
(b.1) | Diluted (in ₹) | - | 0.15 | 0.06 | 0.62 |
Continuing and Discontinued Operations: | |||||
(a.1) | Basic (in ₹) | 23.66 | 28.52 | 26.54 | 98.59 |
(b.1) | Diluted (in ₹) | 23.66 | 28.52 | 26.54 | 98.59 |
Paid up Equity Share Capital (Equity Shares of face value of ₹
10/- each) |
6,766 | 6,766 | 6,765 | 6,766 | |
Other Equity excluding Revaluation Reserve | 709,106 | ||||
Capital Redemption Reserve/Debenture Redemption Reserve | 2,358 | 2,358 | 4,744 | 2,358 | |
Net Worth (including Retained Earnings) | 684,876 | 668,880 | 663,102 | 668,880 | |
Ratios | |||||
a) | Debt Service Coverage Ratio | 1.66 | 1.76 | 4.11 | 2.35 |
b) | Interest Service Coverage Ratio | 5.18 | 5.12 | 7.75 | 5.81 |
c) | Debt Equity Ratio | 0.43 | 0.44 | 0.33 | 0.44 |
d) | Current Ratio | 1.21 | 1.07 | 1.09 | 1.07 |
e) | Long term debt to working capital | 2.57 | 2.97 | 3.23 | 2.97 |
f) | Bad debts to Account receivable ratio | - | - | - | - |
g) | Current liability ratio | 0.45 | 0.51 | 0.52 | 0.51 |
h) | Total debts to total assets | 0.19 | 0.20 | 0.17 | 0.20 |
i) | Debtors turnover $ | 33.62 | 34.74 | 39.79 | 37.43 |
j) | Inventory turnover $ | 5.25 | 5.67 | 7.27 | 6.98 |
k) | Operating margin (%) | 11.4 | 11.3 | 11.9 | 10.5 |
l) | Net profit margin (%)* | 7.9 | 8.9 | 8.0 | 7.6 |
$ Ratios for the quarter have been annualised
- Includes Profit from discontinued operations
Notes
- The figures for the corresponding previous quarter have been regrouped / reclassified wherever necessary, to make them
- During the quarter ended June 30, 2023, the Scheme of Arrangement for demerger of the Company’s financial services business undertaking received the necessary statutory approvals and has been given effect to, from the appointed date of March 31, 2023, in the audited financial statements of the Company for the year ended March 31,
Consequently, the results for the quarter and year ended March 31, 2023 and quarter ended June 30, 2022 have been adjusted to reflect the impact of this demerger, presented as discontinued operations.
- The Board of Directors has recommended dividend of ₹ 9/- per fully paid up equity share of ₹ 10/- each for the financial year ended March 31, This payment of dividend is subject to approval of members of the Company at ensuing Annual General Meeting of the Company.
- Total Non-Convertible Debentures of the Group outstanding (before netting off prepaid finance charges and Fair Valuation Impact) as on June 30,2023 are ₹ 25,266 crore out of which, Secured Non-Convertible Debentures are ₹ 3,000.
The Secured Non-Convertible Debentures of the Group aggregating ₹ 3,000 crore as on June 30,2023 are secured by way of first charge on the Group’s certain movable properties. The security cover in respect of the Secured Non-Convertible Debentures of the Group as on June 30, 2023 is more than 1.25 times of the principal and interest amount of the said Secured Non-Convertible Debentures.
During the period April 2023 to June 2023, the Group redeemed Listed Secured Non-Convertible Debentures amounting to ₹ 1,566 crore (PPD 12), Listed Secured Non-Convertible Debentures amounting to ₹ 1,531 crore (PPD 13), Listed Unsecured Non-Convertible Debentures amounting to ₹ 3,405 crore (PPD Series K1), Listed Unsecured Non-Convertible Debentures amounting to₹ 4,500 crore (PPD Series K2) and Listed Unsecured Non-Convertible Debentures amounting to ₹ 550 crore (PPD Series M2).
- Formulae for computation of ratios are as follows –
Sr. | Ratios | Formulae |
a) | Debt Service Coverage Ratio | Earnings before Interest and Tax
Interest Expense + Principal Repayments made during the period for long term loans |
b) | Interest Service Coverage Ratio | Earnings before Interest and Tax Interest Expense |
c) | Debt Equity Ratio | Total Debt Total Equity |
d) | Current Ratio | Current Assets Current Liabilities |
e) | Long term debt to working capital | Non-Current Borrowings (Including Current Maturities of Non- Current Borrowings)
Current Assets Less Current Liabilities (Excluding Current Maturities of Non-Current Borrowings) |
f) | Bad debts to Account receivable ratio | Bad Debts Average Trade Receivables |
g) | Current liability ratio | Total Current Liabilities Total Liabilities |
h) | Total debts to total assets | Total Debt Total Assets |
i) | Debtors turnover | Value of Sales & Services Average Trade Receivables |
j) | Inventory turnover | Cost of Goods Sold (Cost of Material Consumed+ Purchases + Changes in Inventory + Manufacturing Expenses)
Average Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade |
k) | Operating margin (%) | Earnings before Interest and Tax less Other Income
Value of Sales & Services |
l) | Net profit margin (%) | Profit After Tax Value of Sales & Services |
The Audit Committee has reviewed, and the Board of Directors has approved the above results and its release at their respective meetings held on July 21, 2023. The Statutory Auditors of the Company have carried out Limited Review of the aforesaid results.
UNAUDITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER ENDED 30TH JUNE, 2023
(₹ in crore)
Sr. No |
Particulars |
Quarter Ended | Year Ended (Audited) | ||
30 Jun'23 | 31 Mar'23 | 30 Jun'22 | 31 Mar'23 | ||
1 | Segment Value of Sales and Services (Revenue) | ||||
- Oil to Chemicals (O2C) | 133,031 | 128,634 | 161,715 | 594,650 | |
- Oil and Gas | 4,632 | 4,556 | 3,625 | 16,508 | |
- Retail | 69,962 | 69,275 | 58,560 | 260,394 | |
- Digital Services | 32,077 | 31,375 | 28,512 | 119,791 | |
- Others | 17,827 | 33,040 | 15,190 | 88,455 | |
Gross Value of Sales and Services | 257,529 | 266,880 | 267,602 | 1,079,798 | |
Less: Inter Segment Transfers | 26,397 | 27,923 | 25,073 | 104,934 | |
Value of Sales & Services | 231,132 | 238,957 | 242,529 | 974,864 | |
Less: GST Recovered | 20,301 | 22,692 | 19,865 | 83,553 | |
Revenue from Operations | 210,831 | 216,265 | 222,664 | 891,311 | |
2 |
Segment Results (EBITDA) |
||||
- Oil to Chemicals (O2C)* | 15,271 | 16,293 | 19,888 | 62,075 | |
- Oil and Gas | 4,015 | 3,801 | 2,737 | 13,589 | |
- Retail* | 5,151 | 4,925 | 3,849 | 17,974 | |
- Digital Services | 13,721 | 13,388 | 11,707 | 50,286 | |
- Others | 2,267 | 1,863 | 1,278 | 5,611 | |
Total Segment Profit before Interest, Tax and Depreciation, Amortisation and Depletion | 40,425 | 40,270 | 39,459 | 149,535 | |
3 |
Segment Results (EBIT) | ||||
- Oil to Chemicals (O2C)* | 13,181 | 14,194 | 18,016 | 53,883 | |
- Oil and Gas | 3,191 | 3,127 | 2,089 | 10,933 | |
- Retail* | 3,814 | 3,733 | 2,995 | 13,994 | |
- Digital Services | 7,935 | 7,753 | 7,036 | 29,681 | |
- Others | 599 | 92 | 474 | 1,045 | |
Total Segment Profit before Interest and Tax | 28,720 | 28,899 | 30,610 | 109,536 | |
(i) Finance Cost | (5,837) | (5,819) | (3,997) | (19,571) | |
(ii) Interest Income | 2,301 | 2,733 | 2,541 | 10,597 | |
(iii) Other Un-allocable Income (Net of Expenditure) | (814) | (1,832) | (2,158) | (6,516) | |
Profit Before Tax from Continuing operations | 24,370 | 23,981 | 26,996 | 94,046 | |
(i) Current Tax | (3,392) | 769 | (4,066) | (8,398) | |
(ii) Deferred Tax | (2,720) | (3,523) | (3,525) | (11,978) | |
Profit from Continuing operations | 18,258 | 21,227 | 19,405 | 73,670 | |
Profit from Discontinued operations (Net of Tax) | - | 100 | 38 | 418 | |
Profit for the Period | 18,258 | 21,327 | 19,443 | 74,088 |
- Segment results (EBITDA and EBIT) include Interest Income/Other Income pertaining to the respective
(₹ in crore)
Sr. No |
Particulars |
Quarter Ended | Year Ended (Audited) | ||
30 Jun'23 | 31 Mar'23 | 30 Jun'22 | 31 Mar'23 | ||
4 | Segment Assets | ||||
- Oil to Chemicals (O2C) | 385,269 | 385,504 | 385,973 | 385,504 | |
- Oil and Gas | 38,040 | 37,812 | 34,770 | 37,812 | |
- Retail | 180,315 | 168,314 | 122,643 | 168,314 | |
- Digital Services | 534,858 | 506,238 | 381,968 | 506,238 | |
- Financial Services | - | - | 108,910 | - | |
- Others | 232,494 | 217,133 | 171,848 | 217,133 | |
- Unallocated | 275,247 | 292,430 | 315,278 | 292,430 | |
Total Segment Assets | 1,646,223 | 1,607,431 | 1,521,390 | 1,607,431 | |
5 | Segment Liabilities | ||||
- Oil to Chemicals (O2C) | 70,158 | 55,757 | 67,217 | 55,757 | |
- Oil and Gas | 5,570 | 6,042 | 9,024 | 6,042 | |
- Retail | 79,856 | 68,221 | 36,640 | 68,221 | |
- Digital Services | 244,792 | 221,920 | 118,475 | 221,920 | |
- Financial Services | - | - | 126 | - | |
- Others | 39,355 | 43,364 | 25,656 | 43,364 | |
- Unallocated | 1,206,492 | 1,212,127 | 1,264,252 | 1,212,127 | |
Total Segment Liabilities | 1,646,223 | 1,607,431 | 1,521,390 | 1,607,431 |
Notes to Segment Information (Consolidated) for the Quarter Ended 30th June, 2023
As per Indian Accounting Standard 108 ‘Operating Segments’, the Company has reported ‘Segment Information’, as described below:
- The Oil to Chemicals business includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel and bulk wholesale marketing. It includes breadth of portfolio spanning transportation fuels, polymers, polyesters and elastomers. The deep and unique integration of O2C business includes world-class assets comprising Refinery Off-Gas Cracker, Aromatics, Gasification, multi-feed and gas crackers along with downstream manufacturing facilities, logistics and supply-chain
- The Oil and Gas segment includes exploration, development, production of crude oil and natural
- The Retail segment includes consumer retail and range of related
- The Digital Services segment includes provision of a range of digital
- Other business segments which are not separately reportable have been grouped under the Others
- Other investments / assets / liabilities, long term resources raised by the Company, business trade financing liabilities managed by the centralised treasury function and related income/expense are considered under
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023
(₹ in crore, except per share data and ratios)
Particulars |
Quarter Ended | Year Ended (Audited) | |||
30 Jun'23 | 31 Mar'23 | 30 Jun'22 | 31 Mar'23 | ||
Income | |||||
Value of Sales & Services (Revenue) | 125,715 | 127,782 | 156,660 | 565,347 | |
Less: GST Recovered | 5,307 | 5,709 | 6,373 | 23,556 | |
Revenue from Operations | 120,408 | 122,073 | 150,287 | 541,791 | |
Other Income | 2,895 | 2,785 | 2,531 | 11,229 | |
Total Income | 123,303 | 124,858 | 152,818 | 553,020 | |
Expenses | |||||
Cost of Materials Consumed | 80,833 | 81,631 | 118,669 | 391,508 | |
Purchases of Stock-in-Trade | 2,622 | 2,808 | 2,416 | 9,974 | |
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade | 2,197 | (921) | (10,584) | (6,487) | |
Excise Duty | 3,272 | 3,431 | 3,809 | 13,476 | |
Employee Benefits Expense | 1,628 | 1,443 | 1,404 | 5,691 | |
Finance Costs | 3,596 | 3,745 | 2,616 | 12,626 | |
Depreciation / Amortisation and Depletion Expense | 2,819 | 2,730 | 2,248 | 10,118 | |
Other Expenses | 13,495 | 15,670 | 13,620 | 61,981 | |
Total Expenses | 110,462 | 110,537 | 134,198 | 498,887 | |
Profit Before Tax from Continuing Operations | 12,841 | 14,321 | 18,620 | 54,133 | |
Tax Expenses | |||||
Current Tax | 2,648 | (802) | 3,269 | 6,186 | |
Deferred Tax | 467 | 1,347 | 1,123 | 4,930 | |
Profit From Continuing Operations | 9,726 | 13,776 | 14,228 | 43,017 | |
Profit From Discontinued Operations (Net of Tax) | - | 45 | 868 | 1,188 | |
Profit for the Period | 9,726 | 13,821 | 15,096 | 44,205 | |
Other Comprehensive Income | |||||
Continuing Operations | |||||
I | Items that will not be reclassified to Profit or Loss | 43 | 41 | (68) | 11 |
II | Income tax relating to items that will not be reclassified to Profit or Loss | (11) | (9) | 15 | (4) |
III | Items that will be reclassified to Profit or Loss | 1,039 | 630 | (5,648) | (9,949) |
IV | Income tax relating to items that will be reclassified to Profit or Loss | (261) | (75) | 1,109 | 1,803 |
Total Other Comprehensive Income / (Loss) from Continuing Operations (Net of Tax) | 810 | 587 | (4,592) | (8,139) | |
Discontinued Operations | |||||
I | Items that will be reclassified to Profit or Loss (Net of Tax) | - | 54 | (38) | 15 |
Total Other Comprehensive Income / (Loss) from Discontinued Operations (Net of Tax) | - | 54 | (38) | 15 | |
Total Other Comprehensive Income / (Loss) (Net of Tax) | 810 | 641 | (4,630) | (8,124) | |
Total Comprehensive Income for the Period | 10,536 | 14,462 | 10,466 | 36,081 | |
Earnings per equity share (Face Value of ₹ 10/-) (Not Annualised for the quarter) | |||||
Continuing Operations | |||||
(a.1) | Basic (in ₹) | 14.38 | 20.36 | 21.03 | 63.58 |
(b.1) | Diluted (in ₹) | 14.37 | 20.36 | 21.03 | 63.58 |
Discontinued Operations | |||||
(a.1) | Basic (in ₹) | - | 0.07 | 1.28 | 1.76 |
(b.1) | Diluted (in ₹) | - | 0.07 | 1.28 | 1.76 |
Continuing and Discontinued Operations: | |||||
(a.1) | Basic (in ₹) | 14.38 | 20.43 | 22.31 | 65.34 |
(b.1) | Diluted (in ₹) | 14.37 | 20.43 | 22.31 | 65.34 |
(₹ in crore, except per share data and ratios)
Particulars |
Quarter Ended | Year Ended (Audited) | |||
30 Jun'23 | 31 Mar'23 | 30 Jun'22 | 31 Mar'23 | ||
Paid up Equity Share Capital (Equity Shares of face value of ₹
10/- each) |
6,766 | 6,766 | 6,765 | 6,766 | |
Other Equity excluding Revaluation Reserve | 472,328 | ||||
Capital Redemption Reserve/Debenture Redemption Reserve | 1,683 | 1,683 | 4,158 | 1,683 | |
Net Worth (including Retained Earnings) | 442,128 | 432,397 | 431,824 | 432,397 | |
Ratios | |||||
a) | Debt Service Coverage Ratio | 1.01 | 2.63 | 3.50 | 2.03 |
b) | Interest Service Coverage Ratio | 4.57 | 4.82 | 8.12 | 5.29 |
c) | Debt Equity Ratio | 0.41 | 0.45 | 0.41 | 0.45 |
d) | Current Ratio | 1.25 | 1.12 | 1.04 | 1.12 |
e) | Long term debt to working capital | 2.61 | 2.47 | 4.93 | 2.47 |
f) | Bad debts to Account receivable ratio | - | - | - | - |
g) | Current liability ratio | 0.50 | 0.58 | 0.53 | 0.58 |
h) | Total debts to total assets | 0.23 | 0.24 | 0.22 | 0.24 |
i) | Debtors turnover $ | 26.56 | 29.26 | 35.87 | 36.13 |
j) | Inventory turnover $ | 12.82 | 12.16 | 15.84 | 15.76 |
k) | Operating margin (%) | 10.8 | 12.0 | 11.9 | 9.8 |
l) | Net Profit margin (%)* | 7.7 | 10.8 | 9.6 | 7.8 |
$ Ratios for the quarter have been annualised.
- Includes Profit from discontinued
Notes
- The figures for the corresponding previous period have been regrouped / reclassified wherever necessary, to make them
- During the quarter ended June 30, 2023, the Scheme of Arrangement for demerger of the Company’s financial services business undertaking received the necessary statutory approvals and has been given effect to, from the appointed date of March 31, 2023, in the audited financial statements of the Company for the year ended March 31,Consequently, the results for the quarter and year ended March 31, 2023 and quarter ended June 30, 2022 have been adjusted to reflect the impact of this demerger, presented as discontinued operations.
- The Board of Directors has recommended dividend of ₹ 9/- per fully paid up equity share of ₹ 10/- each for the financial year ended March 31, This payment of dividend is subject to approval of members of the Company at ensuing Annual General Meeting of the Company.
- Total Non-Convertible Debentures of the Company outstanding (before netting off prepaid finance charges and Fair Valuation Impact) as on June 30, 2023 are ₹ 20,266 crore out of which, Secured Non-Convertible Debentures are ₹ 3,000
The Secured Non-Convertible Debentures of the Company aggregating ₹ 3,000 crore as on June 30, 2023 are secured by way of first charge on the Company’s certain movable properties. The security cover in respect of the Secured Non-Convertible Debentures of the Company as on June 30, 2023 is more than 1.25 times of the principal and interest amount of the said Secured Non-Convertible Debentures.
During the period April 2023 to June 2023, the Company redeemed Listed Secured Non- Convertible Debentures amounting to ₹ 1,566 crore (PPD 12), Listed Secured Non-Convertible
Debentures amounting to ₹ 1,531 crore (PPD 13), Listed Unsecured Non-Convertible Debentures amounting to ₹ 3,405 crore (PPD Series K1) , Listed Unsecured Non-Convertible Debentures amounting to ₹ 4,500 crores (PPD Series K2) and Listed Unsecured Non-Convertible Debentures amounting to ₹ 550 crore (PPD Series M2).
5. Formulae for computation of ratios are as follows –
Sr. | Ratios | Formulae |
a) | Debt Service Coverage Ratio | Earnings before Interest and Tax
Interest Expense + Principal Repayments made during the period for long term loans |
b) | Interest Service Coverage Ratio | Earnings before Interest and Tax Interest Expense |
c) | Debt Equity Ratio | Total Debt Total Equity |
d) | Current Ratio | Current Assets Current Liabilities |
e) | Long term debt to working capital | Non-Current Borrowings (Including Current Maturities of Non- Current Borrowings)
Current Assets Less Current Liabilities (Excluding Current Maturities of Non-Current Borrowings) |
f) | Bad debts to Account receivable ratio | Bad Debts Average Trade Receivables |
g) | Current liability ratio | Total Current Liabilities Total Liabilities |
h) | Total debts to total assets | Total Debt Total Assets |
i) | Debtors turnover | Value of Sales & Services Average Trade Receivables |
j) | Inventory turnover | Cost of Goods Sold (Cost of Material Consumed+ Purchases + Changes in Inventory + Manufacturing Expenses)
Average Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade |
k) | Operating margin (%) | Earnings before Interest and Tax less Other Income
Value of Sales & Services |
l) | Net profit margin (%) | Profit After Tax Value of Sales & Services |
- The Audit Committee has reviewed, and the Board of Directors has approved the above results and its release at their respective meetings held on July 21, 2023. The Statutory Auditors of the Company have carried out Limited Review of the aforesaid results.
UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER ENDED 30TH JUNE, 2023
(₹ in crore)
Sr.
No. |
Particulars |
Quarter Ended | Year Ended (Audited) | ||
30 Jun'23 | 31 Mar'23 | 30 Jun'22 | 31 Mar'23 | ||
1 | Segment Value of Sales and Services (Revenue) | ||||
- Oil to Chemicals (O2C) | 119,808 | 121,812 | 152,222 | 544,929 | |
- Oil and Gas | 4,620 | 4,542 | 3,613 | 16,463 | |
- Retail | 19 | 19 | 21 | 85 | |
- Digital Services | 769 | 825 | 369 | 1,992 | |
- Others | 562 | 695 | 503 | 2,270 | |
Gross Value of Sales and Services | 125,778 | 127,893 | 156,728 | 565,739 | |
Less: Inter Segment Transfers | 63 | 111 | 68 | 392 | |
Value of Sales & Services | 125,715 | 127,782 | 156,660 | 565,347 | |
Less: GST Recovered | 5,307 | 5,709 | 6,373 | 23,556 | |
Revenue from Operations | 120,408 | 122,073 | 150,287 | 541,791 | |
2 | Segment Results (EBITDA) | ||||
- Oil to Chemicals (O2C)* | 13,153 | 14,818 | 19,410 | 56,499 | |
- Oil and Gas | 4,045 | 3,836 | 2,714 | 13,507 | |
- Retail | 12 | 10 | 12 | 45 | |
- Digital Services | 527 | 567 | 231 | 1,273 | |
- Others | 31 | 101 | 15 | 203 | |
Total Segment Profit before Interest, Tax and Depreciation, Amortisation and Depletion | 17,768 | 19,332 | 22,382 | 71,527 | |
3 | Segment Results (EBIT) | ||||
- Oil to Chemicals (O2C)* | 11,659 | 13,296 | 18,090 | 50,595 | |
- Oil and Gas | 3,233 | 3,175 | 2,080 | 10,902 | |
- Retail | 9 | 7 | 8 | 31 | |
- Digital Services | 168 | 172 | 43 | 234 | |
- Others | (77) | 7 | (17) | (147) | |
Total Segment Profit before Interest and Tax | 14,992 | 16,657 | 20,204 | 61,615 | |
(i) Finance Cost | (3,596) | (3,745) | (2,616) | (12,626) | |
(ii) Interest Income | 2,329 | 2,617 | 2,856 | 10,935 | |
(iii) Other Un-allocable Income (Net of Expenditure) | (884) | (1,208) | (1,824) | (5,791) | |
Profit Before Tax from Continuing operations | 12,841 | 14,321 | 18,620 | 54,133 | |
(i) Current Tax | (2,648) | 802 | (3,269) | (6,186) | |
(ii) Deferred Tax | (467) | (1,347) | (1,123) | (4,930) | |
Profit From Continuing Operations | 9,726 | 13,776 | 14,228 | 43,017 | |
Profit From Discontinued Operations (Net of Tax) | - | 45 | 868 | 1,188 | |
Profit for the Period | 9,726 | 13,821 | 15,096 | 44,205 |
- Segment results (EBITDA and EBIT) include Interest Income/Other Income pertaining to the respective segments
(₹ in crore)
Sr.
No. |
Particulars | Quarter Ended | Year Ended (Audited) | ||
30 Jun'23 | 31 Mar'23 | 30 Jun'22 | 31 Mar'23 | ||
4 | Segment Assets | ||||
- Oil to Chemicals (O2C) | 325,644 | 322,504 | 328,632 | 322,504 | |
- Oil and Gas | 41,102 | 40,924 | 35,131 | 40,924 | |
- Retail | 18,054 | 18,040 | 18,041 | 18,040 | |
- Digital Services | 66,540 | 66,892 | 65,638 | 66,892 | |
- Financial Services | - | - | 28,417 | - | |
- Others | 60,719 | 49,468 | 17,626 | 49,468 | |
- Unallocated | 375,219 | 392,737 | 401,132 | 392,737 | |
Total Segment Assets | 887,278 | 890,565 | 894,617 | 890,565 | |
5 |
Segment Liabilities |
||||
- Oil to Chemicals (O2C) | 46,129 | 36,005 | 60,907 | 36,005 | |
- Oil and Gas | 5,024 | 5,448 | 8,471 | 5,448 | |
- Retail | 9 | 10 | 8 | 10 | |
- Digital Services | 944 | 1,013 | 747 | 1,013 | |
- Financial Services | - | - | - | - | |
- Others | 1,464 | 1,359 | 459 | 1,359 | |
- Unallocated | 833,708 | 846,730 | 824,025 | 846,730 | |
Total Segment Liabilities | 887,278 | 890,565 | 894,617 | 890,565 |
Notes to Segment Information (Standalone) for the Quarter Ended 30th June, 2023
As per Indian Accounting Standard 108 ‘Operating Segments’, the Company has reported ‘Segment Information’, as described below:
- The Oil to Chemicals business includes Refining, petrochemicals, aviation fuel and bulk wholesale marketing. It includes breadth of portfolio spanning transportation fuels, polymers, polyesters and elastomers. The deep and unique integration of O2C business includes world- class assets comprising Refinery Off-Gas Cracker, Aromatics, multi-feed and gas crackers along with downstream manufacturing facilities, logistics and supply-chain
- The Oil and Gas segment includes exploration, development, production of crude oil and natural
- The Retail segment includes consumer retail & its range of related services and investment in retail
- The Digital Services segment includes provision of a range of digital services and investment in digital
- All other business segments have been grouped under the Others
- Other investments / assets / liabilities, long term resources raised by the Company, business trade financing liabilities managed by the centralised treasury function and related income / expense are considered under