On Friday, Mukesh Ambani-led Reliance Industries reported a consolidated net profit for the quarter end of Rs 13,656 crore. The oil-to-telecom conglomerate’s gross sales were Rs 2.53 trillion, up 32% from a year-ago period.

Excluding GST and excise duty, the net sales surged 37.3% YoY to Rs 2.3 trillion for the quarter, above the street estimate of Rs 2.25 trillion. Consolidated earnings before interest, tax, depreciation, and amortisation increased 14.46% YoY to Rs 34,663 crore in Q2, estimating Rs 30,336 crore. The government imposed the special additional excise duty (SAED), i.e. windfall tax, from 1st July 2022, whereas new hires for the first half year ending September 2022 was 1.4 lakh.

RIL also proclaimed that it was not merging or listing its financial services business into Jio Financial Services (JFS). RIL shareholders received one JFS share for every share held in RIL. The RIL scrip closed 1.16% down on the BSE at Rs 2,471.95. Year-to-date, the index heavyweight, is up 4.37%. However, it is down 5.75% in the last year. At 9.05 pm India time on Friday, RIL’s GDR was down 1% at $59.8 on the London Stock Exchange.

Meanwhile, other income fell by nearly 17% to Rs 3,514 crore in Q2FY23 from Rs 4,224 crore a year ago, increasing the tax by 30% to Rs 4,867 crore. Adding the impact on the O2C business, the company’s profit is missing Street estimates at the net level, analysts said. Reliance’s O2C segment revenue grew 32.5% YoY to Rs 1.6 trillion, chiefly headed by higher crude oil prices.

The O2C Ebitda declined by 5.9% YoY to Rs 11,968 crore amid special additional excise duty on transportation fuels and weak polymer deltas. However, O2C revenue fell 1.26%, while its Ebitda was down 39.82% from Rs 19,888 crore in the April-June quarter amid volatile energy markets, windfall taxes levied in the September quarter and less realisation of product cracks.

Jio Platforms’ Ebitda has been estimated at Rs 12,011 crore, which increased by 29.2% over the equivalent period last year, despite the net profit growing 26.9% to Rs 4,729 crore. Jio’s net subscriber raised by 7.7 million to 427.6 million for the quarter.

Reliance Retail’s net profit for Q2 has been estimated at 36% YoY to Rs 2,305 crore, while its Ebitda increased 51.2% to Rs 4,404 crore in the quarter. The country’s leading retailer’s cash profit rose 45% to Rs 3,324 crore for the quarter. Reliance Retail delivered revenue of Rs 57,694 crore, up 44.5% YoY in the quarter, as its business observed no operating disruptions since the COVID outbreak.