Reliance Industries Limited reported a flat net profit of ₹ 18,951 crore for the January-March quarter of the 2023-24 fiscal year, compared to ₹ 19,299 crore in the same quarter last year. However, the profit was higher quarter-on-quarter compared to ₹ 17,265 crore in the October-December period.
For the full fiscal year FY24, Reliance posted a record net profit of ₹ 69,621 crore, up from ₹ 66,702 crore in the previous year. The oil-to-chemicals business, the company’s main cash cow, posted a rise in profitability annually as well as sequentially, while retail business earnings rose on new store openings despite lower footfalls.
The firm helmed by billionaire Mukesh Ambani saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA was up 14.3 percent year-on-year to ₹ 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 percent to ₹ 2.64 lakh crore.
The mainstay oil refining and petrochemicals business, called O2C, posted an 11 percent rise in revenue and a 3 percent higher EBITDA at ₹ 16,777 crore in Q4. Reliance Jio Infocomm Ltd, the digital services business, posted a 12 percent rise in net profit at ₹ 5,583 crore in the fourth quarter of FY24, helped by a rise in data traffic and a swelling consumer base of 481.8 million.
Profits from the retail business climbed 11.7 percent to ₹ 2,698 crore as store count rose to 18,836, despite a drop in store footfalls. Oil and gas EBITDA soared 47.5 percent to ₹ 5,606 crore, partly due to higher gas volumes.
Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, said, “This year, Reliance became the first Indian company to cross the ₹ 1 lakh-crore threshold in pre-tax profits.”
