Reliance Industries Limited
– Photo: File
Expansion
Reliance Industries has registered a decline in its revenue for the second quarter. The company reported an 11 per cent year-on-year decline in consolidated net profit at Rs 16,011 crore for the quarter ended June 2023. At the same time, the consolidated revenue declined by 5.3 percent to Rs 2.11 lakh crore on an annual basis. The board has recommended payment of a dividend of Rs 9 per share, subject to shareholder approval.
advantage in reliance retail
The main reason for the decline in the revenue of Reliance Company was the oil-to-chemical business. The company’s revenue fell 18 per cent to Rs 1.33 lakh crore due to poor performance of the oil-to-chemicals business. Consolidated revenue of the retail business grew 20% year-on-year to Rs 69,962 crore. At the same time, the revenue of digital services increased by about 13% to Rs 32,077 crore. Reliance Retail is the second largest contributor to RIL’s topline. Reliance Retail has also registered an increase in the June quarter. Grocery, consumer electronics, fashion and lifestyle contributed to the company’s healthy revenue.
Paytm got the benefit
At the same time, India’s largest digital payment company Paytm performed well in the June quarter. The company announced strong earnings in June. Paytm’s payment revenue grew 31 per cent year-on-year to Rs 1,414 crore. The company’s merchant payment volumes grew 37 per cent year-on-year to Rs 4.05 crore in the June quarter. The company continues to monetize Paytm app traffic in its commerce and cloud segments by providing marketing services to its merchants.