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

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.