On April 21, the oil-to-telecom-to-retail major Reliance Industries proclaimed healthy growth in operating numbers for the March quarter of FY23. Thus, bottom-line growth was strong at double-digits, and lower tax costs aided.

Billionaire Mukesh Ambani’s Reliance Industries has recorded a 19.1% YoY growth in combined profit at Rs 19,299 crore for the March-end quarter of FY23. Tax cost fell 36.5% YoY to Rs 2,787 crore amid lower deferred tax for the quarter helped.

Gross revenue at Rs 2.39 lakh crore grew by 2.8%, compared to the last fiscal with current growth momentum in consumer trades.

The digital services accomplished 15.4% YoY growth, while the retail segment rose by 19.4% in the same period.

The operating performance remained robust for the quarter. Earnings before interest, tax, depreciation, and amortisation (EBITDA) augmented by 21.8% YoY to Rs 41,389 crore.

EBITDA was driven by huge revenue, and surge in margins in the digital services, and a favourable mix, benefitting and operating competencies in the retail trade.

Jio Platforms logged 15.6% YoY growth in profit at Rs 4,984 crore for March FY23 amid lower finance costs and double-digit growth in sales and operating performance.

The retail business showed 12.9% YoY growth in profit at Rs 2,415 crore with a massive 33% YoY growth in EBITDA.

Revenue increased 21% YoY during the quarter due to growth in grocery, consumer electronics, fashion & lifestyle segments, with the number of stores at 18,040 growing 18.7% in the year-ago period.

Reliance Retail registered a whopping 41.3% YoY footfall growth in the March end quarter of FY23.

Reliance’s oil & gas exploration and production noted a massive 144.3% YoY growth in EBITDA with a margin of 83.4%, expanding by 60 bps.

RIL has registered a 9.9% growth in its combined profit at Rs 66,702 crore for March FY23.

Reliance’s net debt at March-end FY23 was Rs 1.1 lakh crore, of which outstanding debt and cash equivalents were Rs 3.14 lakh crore and Rs 2.04 lakh crore, respectively.