Indian firm RIL's revenue soars to $118.8 billion in FY23

Furthermore, the company's profit after tax improved by 14 per cent YoY at ₹74,088 crore, before considering the impact of exceptional items for Q3 FY22, Reliance Industries said in a press release.

For the fourth quarter (Q4) of FY23, gross revenue reached ₹239,082 crore, up 2.8 per cent YoY, supported by continuing growth momentum in consumer businesses. EBITDA increased by 21.8 per cent YoY to ₹41,389 crore. Favourable mix, sourcing benefits, and operating efficiencies in the retail segment contributed to the increase.

Reliance Industries also reported on the annual performance of its polyesters segment, with domestic demand for polyester filament yarn (PFY), polyester staple fibre (PSF), and polyethylene terephthalate (PET) improving by 10 per cent, 17 per cent, and 28 per cent respectively in FY23 due to the resumption of schools, offices, festivities, and increased tourism. High global and domestic cotton prices also aided the switch from cotton to polyester. However, polyesters product margins declined amidst slower China recovery, subdued export demand due to high inflation in the US, and recessionary trends in Europe.

For Q4 FY23, PFY and PSF demand improved by 8 per cent and 5 per cent respectively on YoY basis. PET demand was up by 15 per cent YoY as converters geared up for upcoming summer season and anticipated beverage consumption. Polyester chain delta decreased YoY with lower margins in monoethylene glycol (MEG) and polyesters amidst slower China recovery and subdued export demand. Polyester chain margin was $516/MT during Q4 FY23 as against $560/MT in Q4 FY22.

For the Reliance retail segment, the company reported an EBITDA of ₹17,928 crore in FY23, higher by 45 per cent YoY. EBITDA margin on net sales was at 7.6 per cent, up 140 basis points (bps) YoY, driven by favourable mix, sourcing benefits, and operating efficiencies. Net profit for the year was ₹9,181 crore, higher by 30 per cent.

Reliance retail posted a revenue of ₹69,267 crore in Q4 FY23, up 19 per cent YoY led by growth in fashion and lifestyle. Profit delivery was robust with EBITDA surpassing festive quarter at ₹4,914 crore which was up by 33 per cent YoY.

Mukesh D Ambani, chairman and managing director, Reliance Industries, said: “I am happy to note Reliance’s initiatives in digital connectivity and organised retail are driving greater efficiencies in the economy and contributing to India’s emergence as one of the fastest growing economies in the world.

“Retail business registered excellent growth numbers backed by expansion of physical and digital footprint and a significant increase in footfall. We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices. Our retail team has an unwavering focus on enhancing consumer experience and ease of shopping.”

Fibre2Fashion News Desk (DP)