India's RIL's revenue up 14.8% to $29.1 bn in Q3 FY23

During Q3 FY23, Polyester chain delta declined with lower margins in monoethylene glycol (MEG) and polyesters amidst slow downstream demand in China due to COVID lockdown and bearish global macroeconomic scenario. Polyester chain margin was at $488/MT during Q3 FY23 as against $632/MT in Q3 FY22 and $600/MT in Q2 FY23.

PTA markets remained muted amidst slower than expected downstream recovery. MEG markets remained sluggish amidst squeezed margins, higher China port inventory, capacity additions, and slower than expected downstream demand recovery in China.

On a YoY basis, domestic polyester demand improved by 11 per cent during Q3 FY23. Polyester staple fibre (PSF) demand improved by 16 per cent supported by relatively higher cotton prices while polyester filament yarn PFY demand improved by 5 per cent.

Polyester demand is expected to improve with upcoming wedding season in domestic market and shift in China’s Zero COVID policy.

In Q3 FY23, RIL’s retail segment recorded a revenue of ₹67,623 crore, up 17.2 per cent YoY. EBITDA was ₹4,773 crore, up 24.9 per cent YoY. Furthermore, RIL retail recorded highest ever footfall at 201 million across formats and geographies in Q3 FY23. Digital commerce and new commerce businesses grew 38 per cent YoY and contributed to 18 per cent of the RIL’s retail revenue. RIL retail also strengthened its product offerings with acquisition of V Retail (Centro Footwear).

“Our teams across businesses have done an excellent job in delivering strong operating performance through a challenging environment. All segments contributed to the robust growth in consolidated EBITDA on YoY basis,” said Mukesh D Ambani, chairman and managing director, Reliance Industries Limited.

ALCHEMPro News Desk (DP)