RIL Q3 results: K V Kamath appointed as independent director, firm to raise Rs 20,000 cr via NCDs

Mukesh Ambani-led Reliance Industries on Friday appointed veteran banker K V Kamath as independent director of the firm for five years. 

"K V Kamath has assumed office as an Independent Director of the Company today i.e. January 20, 2023 and accordingly, his appointment as an Independent Director of the Company has taken effect from January 20, 2023 for a term of 5 (five) consecutive years up to January 19, 2028," said Reliance Industries in a statement.

It may be noted that in November 2022, RIL said Kamath will helm Jio Financial Services, which will be demerged as announced by the company during September quarter results.

The oil-to-telecom conglomerate, which has diversified its businesses over the years to retail, telecom and, recently, green energy, also announced that it plans to raise Rs 20,000 crore by issuing non-convertible debentures (NCDs) through a private placement basis.

"We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e. January 20, 2023, has inter alia approved raising of funds through issuance of Non-Convertible Debentures (NCDs) up to Rs 20,000 crore, in one or more tranches / series, on a private placement basis," RIL said in a stock exchange filing.

Reliance Industries Ltd on Friday reported a 15 per cent drop in its net profit to Rs 15,792 crore for the third quarter, according to a company's stock exchange filing.

The net profit of Rs 15,792 crore in October-December 2022 compares to Rs 18,549 crore a year back.

Revenue from operations rose to Rs 2,20,592 crore from Rs 1,91,271 crore in October-December 2021.

Reliance said its downstream chemical products experienced margin pressure due to excess supply and relatively weak regional demand.

The company said it was on track to hit production of 30 million standard cubic meters of gas per day next financial year after the commissioning of its deepwater MJ gas condensate field in the Bay of Bengal KG-D6 block.

While its O2C business remained under pressure, Reliance's telecom arm reported a 28.3% rise in third-quarter profit as it added more users and earned more per user.

Jio, India's biggest telecom carrier by subscribers, said its average revenue per user (ARPU) – a key performance metric for telecos – rose 17.5% year-over-year to Rs 178.2.