Reliance Industries Reports Robust Q3 FY24 Results; Jio Platforms Achieves Milestones in 5G Rollout

Mumbai, India, Jan 23, 2024: Reliance Industries Limited (RIL) has announced its consolidated financial results for the third quarter of the fiscal year 2023-24, showcasing strong performance across its businesses.

Consolidated Results:

Reliance Industries posted consolidated revenues at ₹248,160 crore ($29.8 billion), marking a 3.2% YoY increase, supported by the continued growth momentum in consumer businesses. The quarterly EBITDA stood at ₹44,678 crore ($5.4 billion), reflecting a 16.7% YoY growth across all business sectors. Despite higher finance, depreciation, and tax costs, the consolidated Profit after Tax reached ₹19,641 crore ($2.4 billion), showing a 10.9% YoY increase. The capital expenditure for the quarter amounted to ₹30,102 crore ($3.6 billion), emphasizing investments in pan-India 5G roll-out, expansion of retail infrastructure, and the new energy business. RIL’s consolidated net debt stood at ₹119,372 crore, which is only about 67% of the annualized EBITDA.

Jio Platforms:

Jio Platforms achieved a record Gross Revenue of ₹32,510 crore, up 11.4% YoY. The EBITDA for the quarter stood at ₹13,955 crore, marking an 11.5% YoY increase. The Net Profit for the quarter reached ₹5,445 crore, reflecting an 11.6% YoY growth. Customer engagement on Jio network remained robust, with total data and voice traffic increasing by 31.5% to 38.1 billion GB and 7.9% YoY to 1.37 trillion minutes, respectively. Jio continued to outpace the competition with 11.2 million net additions in 3Q FY24, taking the subscriber base to 470.9 million. Jio’s ARPU increased by 2.0% YoY to ₹181.7. The Jio True 5G network has been rolled out across India ahead of schedule, with around 90 million subscribers migrated to Jio’s 5G network.

Reliance Retail:

Reliance Retail achieved a record high quarterly revenue of ₹83,063 crore, up 22.8% YoY. The EBITDA for the quarter reached ₹6,258 crore, reflecting a 31.1% YoY increase. The EBITDA margin was at 8.4%, up 50 bps YoY, driven by operating leverage and continued focus on cost management. The Net profit for the quarter was ₹3,165 crore, up 31.9% YoY. Reliance Retail expanded its store network by opening 252 new stores, taking the total store count to 18,774 stores with an area of 72.9 million sq ft. The recorded footfalls exceeded 282 million across formats, showing a growth of 40.3% YoY. Digital Commerce and New Commerce businesses continued to grow and contributed to 19% of revenue.

Reliance O2C:

Reliance’s O2C segment quarterly revenue fell 2.4% YoY to ₹141,096 crore primarily on account of lower price realization led by a 5.3% YoY decline in average Brent crude oil prices. O2C EBITDA for the quarter marginally increased by 1.0% YoY to ₹14,064 crore ($1.7 billion), led by higher gasoline cracks and advantageous feedstock sourcing. This was partially offset by lower downstream chemical margins and planned maintenance and inspection shutdown. Planned maintenance and inspection shutdown of CDU, FCCU, Delayed Coking, and ROGC complex impacted yields and profitability.

Oil & Gas:

Reliance’s Oil & Gas segment quarterly revenues jumped 50.2% to ₹6,719 crore, mainly on account of higher volumes partly offset by lower price realization from KG D6 Field. Oil & Gas EBITDA rose to a record high ₹5,804 crore, up 49.6% YoY. Block KG D6 is currently producing ~30 MMSCMD gas and ~21,000 Bbl of Oil/Condensate.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, expressed satisfaction with the robust performance across segments. He highlighted Jio’s achievement of completing the fastest rollout of True 5G services in India, covering every part of the country. Additionally, Ambani emphasized the strides made in sustainability, with Reliance becoming the first Indian company to chemically recycle pyrolysis oil into circular polymers.