Reliance Industries Limited (RIL) announced financial results for the third quarter of fiscal year 2023-24.
In the consolidated results, Reliance posted revenues of ₹248,160 crore ($29.8 billion), marking a 3.2% year-on-year increase. The quarterly EBITDA stood at ₹44,678 crore ($5.4 billion), up 16.7% YoY, and the consolidated Profit after Tax reached ₹19,641 crore ($2.4 billion), reflecting a 10.9% YoY increase. Despite higher finance, depreciation, and tax costs, Reliance’s strong performance was driven by continued growth in consumer businesses. The capital expenditure for the quarter was ₹30,102 crore ($3.6 billion), directed towards the pan-India 5G roll-out, retail infrastructure expansion, and new energy business.
In the Jio Platforms segment, gross revenue for the quarter reached a record high of ₹32,510 crore, up 11.4% YoY. The EBITDA and Net Profit for the quarter were ₹13,955 crore and ₹5,445 crore, respectively, both showing double-digit YoY growth. Jio’s customer engagement remained strong, with a notable increase in data and voice traffic. The company continued to outpace competition, adding 11.2 million net subscribers in Q3 FY24, bringing the total subscriber base to 470.9 million. Jio successfully rolled out its True 5G network across India ahead of schedule, covering every city, town, and village in the country.
Reliance Retail achieved record quarterly revenue at ₹83,063 crore, up 22.8% YoY, driven by Grocery, Fashion & Lifestyle, and Consumer Electronics businesses. The EBITDA for the quarter was ₹6,258 crore, up 31.1% YoY, with an EBITDA margin of 8.4%, showing a 50 bps YoY increase. The net profit for the quarter reached ₹3,165 crore, up 31.9% YoY. Reliance Retail expanded its store network, opening 252 new stores, bringing the total store count to 18,774.
In the O2C (Oil to Chemicals) segment, the quarterly revenue slightly declined by 2.4% YoY to ₹141,096 crore. The O2C EBITDA marginally increased by 1.0% YoY to ₹14,064 crore, driven by higher gasoline cracks and advantageous feedstock sourcing. However, planned maintenance and inspection shutdown impacted yields and profitability.
The Oil & Gas segment reported a 50.2% YoY increase in quarterly revenues to ₹6,719 crore, mainly due to higher volumes. The EBITDA rose to a record high of ₹5,804 crore, up 49.6% YoY.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses.”