On Friday, Mukesh Ambani-led Reliance Industries (RIL)’s consolidated a net profit of Rs 15,792 crore for Q3FY23. This was down nearly 15% YoY from Rs 18,549 crore.

The pegged net profit at Rs 15,611 crore for Q3 was due to global crude price volatility during the October-December quarter of FY23.  

Additionally, other income fell by 22.2% to Rs 3,147 crore in the October-December quarter of FY23, from Rs 4,047 crore a year ago, and income tax for the quarter increased by 12.3% YoY to Rs 5,266 crore, from Rs 4,688 crore. Profit before exceptional items and tax was up 3% YoY to Rs 23,072 crore.

On Friday, Reliance’s board also approved raising Rs 20,000 crore through non-convertible debentures.

Consolidated Ebitda rose 13.5% year-on-year to Rs 38,460 crore in the third quarter, beating estimates of Rs 33,551 crore.

While revenue of RIL’s O2C business, its largest segment, grew 10% YoY to Rs 1.44 trillion, output was lower by nearly 5%  versus last year at 18.8 million tonnes. RRVL reported 6.2% YoY growth in its consolidated net profit to Rs 2,400 crore. Revenue increased 17% YoY to Rs 67,623 crore.

Reliance Jio’s total customer base stood at 432.9 million on December 31, 2022, compared to 427.6 million in the preceding quarter.

But the net addition of subscribers was lower than expected at 5.3 million, even as gross addition remained strong at 34.2 million.

On the new energy businesses, the company said in the earnings call that it was making rapid progress towards the implementation of new energy Giga factories in Jamnagar.