Reliance Industries posts 10.9% rise in net profits in Q3-FY24, revenue 3.2%

Mumbai (Maharashtra) [India], January 19 : Reliance Industries posted a 10.9 per cent rise in consolidated profit after tax (PAT) during the October-December 2023 quarter at Rs 19,641 crore. In the same quarter of 2022, the profit after tax was Rs 17,706 crore.
In the three quarters so far in 2023-24 (April-December), the company's profit after tax rose from Rs 52,443 crore to Rs 57,777 crore, earnings data released on Friday showed.
Quarterly consolidated EBITDA was at Rs 44,678 crore, up 16.7 per cent year-on-year. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is an alternative measure of a company's overall financial performance.
The conglomerate saw year-on-year EBITDA growth across all its business segments. The quarterly EBITDA of the oil and gas business was at Rs 5,804 crore, up 49.6 per cent year-on-year, quarterly EBITDA of Reliance Retail at Rs 6,258 crore, up 31.1 per cent year-on-year, quarterly EBITDA of Jio Platforms at Rs 13,955 crore, up 11.5 per cent year-on-year.
EBITDA growth in O2C (oil-to-chemicals) was muted because of planned maintenance and inspection shutdown, it said in its earnings report.
Coming to the consolidated revenue, Reliance Industries registered a 3.2 per cent rise at Rs 248,160 crore supported by continued growth momentum in consumer businesses. In the same quarter last financial year, the revenues were Rs 240,532 crore.
Capital Expenditure for the quarter that ended in December 2023, was Rs 30,102 crore with investments in pan-India 5G roll-out, expansion of retail infrastructure and new energy business. This excludes the amount incurred towards spectrum and adjusted for capital advances and regrouping of assets.
"Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses.
I am happy to share that Jio has completed in India the fastest rollout of True 5G services anywhere in the world. Every city, town, and village in the country is now equipped with high-speed digital connectivity, which will usher in a new era of unparalleled digital accessibility and technology-led growth. The strong uptake of the JioBharat phone and JioAirFiber services has resulted in continued expansion of Jio's subscriber base, contributing to the stellar growth numbers of the digital services business," said Mukesh Ambani, Chairman and Managing Director, of Reliance Industries, commenting on the results.
Jio has rolled out the Jio True 5G network across India ahead of schedule. About 90 million subscribers have been migrated to Jio's 5G network.
"The retail segment has also delivered an impressive financial performance with its rapidly expanding physical as well as digital footprint. Reliance Retail remains focused on enriching the customer shopping experience by adding new brands and offerings to its portfolio. Its New Commerce initiatives continue to support the growth journey of millions of small merchants through technology, generating immense societal value."
"The O2C (oil-to-chemicals) segment delivered resilient performance aided by operational flexibility and strong domestic demand. Staying true to its commitment to sustainability, Reliance has become the first Indian company to chemically recycle pyrolysis oil into circular polymers."
"The New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance's New Energy business will play a pivotal role in the global movement for adoption of cleaner fuels."