Mukesh Ambani's Reliance Industries approves Rs 9 dividend per share for FY 2023

Reliance Industries (RIL) announced a dividend of Rs 9 per fully paid-up equity share of Rs 10 each for the financial year ended March 31, 2023. This dividend approval comes after nearly a year, as RIL last announced a dividend of Rs 8 per share in May 2022. However, the dividend payment is subject to the approval of the company's members at the upcoming annual general meeting.

 for FY 

The record date for the dividend distribution will be announced soon. On the day or a day before the record date, RIL shares are likely to trade ex-dividend, meaning the stock's value will not include the upcoming dividend payment. The ex-dividend date determines which shareholders are eligible to receive the dividend payment.

 for FY 

In its first-quarter results, RIL witnessed an 11% decline in consolidated net profit to Rs 16,011 crore. The revenue also dropped by 5% YoY to Rs 2.11 lakh crore, primarily due to a 31% fall in crude oil prices impacting the mainstay O2C (oil-to-chemicals) revenues. However, this decline was partly offset by growth in consumer businesses and increased volumes from O2C and oil and gas segments.

 for FY 

The EBITDA for the quarter saw a 5% YoY increase to Rs 41,982 crore, mainly driven by consumer and upstream businesses compensating for the decline in O2C earnings.

 for FY 

Jio, the telecom arm, reported a 12% growth in net profit at Rs 4,863 crore, while the retail business' profit grew 18% to Rs 2,448 crore during the first quarter. The digital services division saw revenue and profitability growth due to a higher subscriber base and increased customer engagement. The retail segment's earnings reflected an expanded footprint and improved profitability with operating leverage.

 for FY 

Read more: Meet one of Mumbai's richest men who bought Rs 1200 crore house in London; not Mukesh Ambani, Radhakishan Damani

 for FY 

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