Reliance Industries Limited (RIL), the oil-to-telecom-to-retail conglomerate, reported mixed earnings for the March quarter (Q4FY24). The company’s consolidated revenue witnessed a healthy 10.8% year-on-year (YoY) growth, reaching ₹2,64,834 crore ($31.8 billion). However, its profit after tax (PAT) declined marginally by 0.4% to ₹21,243 crore ($2.5 billion), compared to ₹21,327 crore in Q4FY23.
Led by robust performance in its oil-to-chemicals (O2C) and consumer businesses, RIL’s revenue growth was primarily driven by higher prices and increased volumes in the O2C segment. Meanwhile, the consumer business benefited from strong demand across retail and telecom services.
RIL’s EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by a significant 14.3% YoY to ₹47,150 crore ($5.7 billion), with all business segments contributing positively. This growth was supported by improved operational efficiency and cost optimization efforts across the company.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries, highlighted several milestones achieved by the company. Notably, Reliance became the first Indian company to surpass the ₹1,00,000-crore mark in pre-tax profits during the year.
A key highlight of the Q4 results was the continued strong performance of RIL’s telecom arm, Jio Platforms. The segment recorded a healthy double-digit growth in revenue, profit, and EBITDA. Jio Platforms’ consolidated revenue from operations grew by 13.4% YoY to ₹28,871 crore, while its net profit increased by 12% YoY to ₹5,583 crore. Consolidated EBITDA for Jio Platforms rose by 12.5% YoY to ₹14,360 crore.
The growth in Jio Platforms’ revenue was driven by an increase in subscriber base and higher data and voice traffic. The company reported an average revenue per user (ARPU) of ₹181.7 for Q4FY24, which remained stable quarter-over-quarter but marked a 1.6% increase year-over-year.
