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RIL Q3 results: Net profit slips 15% but tops estimate, revenue up 17%

Crude price volatility weighs on PAT; board clears raising Rs 20K cr via NCDs

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5 min read Last Updated : Jan 20 2023 | 11:19 PM IST

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a consolidated net profit of Rs 15,792 crore for the quarter ended December 31, 2022 (Q3FY23). This was down nearly 15 per cent year-on-year (YoY) from Rs 18,549 crore, but a tad ahead of expectations.

A poll of brokerages by Bloomberg had pegged net profit at Rs 15,611 crore for Q3, implying that analysts factored in a drop in the bottom-line. This was due to volatility in global crude prices during the October-December period, said sector experts.

Moreover, interest and depreciation expenses jumped as RIL undertook expansion in its retail and telecom businesses.

Additionally, other income fell by 22.2 per cent to Rs 3,147 crore in Q3FY23, from Rs 4,047 crore a year ago, and income tax for the quarter increased by 12.3 per cent YoY to Rs 5,266 crore, from Rs 4,688 crore. It is noteworthy that RIL reported an exceptional incom