New Delhi: Reliance Industries Ltd. (RIL), an international corporation based in India, will announce its first-quarter financial results for 2023-2024. On July 21, 2023, the board of directors of the Sensex heavyweight will review and approve the Company’s standalone consolidated and unaudited financial statements. In its most recent exchange statement on Friday, RIL alerted Indian stock market exchanges of the date and agenda of the board meeting.
Informing Indian bourses about the Q1 results 2023 date, RIL said, “We wish to inform you that pursuant to Regulation 29 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), a meeting of the Board of Directors of the Company is scheduled to be held on Friday, July 21, 2023, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter ended June 30, 2023.”
Given that Jio Financial has been announced to be demerging from RIL by the Fortune 500 firm, RIL’s Q1 profits for the current fiscal year would be a significant event for the Indian stock market. Before releasing the RIL Q1 results in 2023, it has already declared the Jio Financial Services demerger record date of July 20, 2023.
By generating double-digit profitability growth in the quarter ending in March 2023 (Q4FY23), the blue chip corporation surpassed street forecasts in Q4GY23. RIL reported that its consolidated annual EBITDA increased by 23.1%YoY from 125687 crores in FY22, crossing the benchmark of 150000 crores for the first time during FY23. The Company reported EBITDA of 41389 crore in 4Q FY23, up 21.8% YoY from 33968 crore in 4Q FY22.
Reliance Industries stated in its Q4 results 2023 that its depreciation increased by 43.2% year over year to 11456 crore ($1.4 billion) from 8001 crore in the 4Q FY22. Depreciation increased by 35.3% year over year to $40319 crore in FY23 ($4.9 billion) from 29797 crore in FY22 due to increased network utilisation in the digital services industry and an expanded asset base across all businesses.
