India’s Reliance Industries Limited has posted a 14.8% year-on-year growth in revenue to Rs240,963 crore ($29.1 billion) in the third quarter of fiscal 2023, ended December 31, 2022. The company’s consolidated EBITDA increased by 13.5% YoY to Rs38,460 crore in Q3 FY23, while the profit after tax was Rs17,806 crore, up 6% YoY.

During Q3 FY23, Polyester chain delta declined with lower margins in monoethylene glycol 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% during Q3 FY23.

Polyester staple fibre demand improved by 16% supported by relatively higher cotton prices while polyester filament yarn PFY demand improved by 5%.

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 Rs67,623 crore, up 17.2% YoY. EBITDA was Rs4,773 crore, up 24.9% 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% YoY and contributed to 18% 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.