Windfall taxes impact O2C marginsRELIANCE - 2394 Change: 16.85 (0.71 %)
O2C revenue was Rs 159671 crore, up 33% YoY and flattish QoQ. O2C EBITDA declined 6% YoY and 40% QoQ to Rs 11968 crore owing to the introduction of special additional excise duty and lower polymer deltas. Oil & gas segment revenue was up 134% YoY and 6% QoQ to Rs 3853 crore. Oil & gas EBITDA was at Rs 3171 crore, up 196% YoY and 16% QoQ. Consolidated revenue was Rs 232863 crore, up 33.7% YoY and 4.4% QoQ. EBITDA was Rs 31224 crore, up 20% YoY and down 17.8% QoQ. PAT was at Rs 13656 crore, flattish YoY and down 23.9% QoQ.
In Q2FY23, global refining margins dipped from peaks witnessed in Q1FY23. Also, imposition of windfall tax on fuel exports limited the refining profitability. On the oil and gas front, KG-D6 production during the quarter was 19 mmscmd. Higher KG-D6 and CBM realisation, and lower costs aided EBITDA growth. Going forward, the oil and gas segment is likely to see growth in production post commissioning of the MJ Field.