Reliance Industries Limited Q3 FY24 Results highlights

• Reliance posted consolidated revenues at ₹248,160 crore ($29.8 billion), up 3.2% YoY, supported by continued growth momentum in consumer businesses

• Reliance's quarterly EBITDA stood at ₹44,678 crore ($5.4 billion), up 16.7% Y-o-Y, with growth across all businesses

• Reliance's consolidated Profit after Tax was at ₹19,641 crore ($2.4 billion), up 10.9% YoY, in spite of higher finance, depreciation and tax costs

• Capital Expenditure for the Dec ’23 quarter was ₹30,102 crore ($3.6 billion) with investments in pan-India 5G roll-out, expansion of retail infrastructure and new energy business.

• RIL’s consolidated net debt stood at Rs 119,372 crore, which is only ~67% of the annualised EBITDA

“Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

Jio Platforms

• Jio Platforms’ Gross Revenue for the quarter was at a record high of ₹32,510 crore, up 11.4% Y-o-Y

• Jio Platforms’ EBITDA for the quarter stood at ₹13,955 crore, up 11.5% Y-o-Y

• Jio Platforms’ Net Profit for the quarter was ₹5,445 crore, up 11.6% Y-o-Y

• Customer engagement on Jio network remained strong, total data and voice traffic increased 31.5% to 38.1 billion GB, and 7.9% Y-o-Y to 1.37 trillion minutes, respectively

• Jio continued to outpace competition with 11.2 million net additions in 3Q FY24 taking the subscriber base to 470.9 million

• Jio’s ARPU increased 2.0% YoY to ₹181.7 with better subscriber mix partially offset by unlimited data allowance on 5G network

• Jio has rolled out Jio True 5G network across India ahead of schedule. About 90 million subscribers have been migrated to Jio’s 5G network. The Jio True 5G network now carries almost one-fourth of Jio’s mobility data traffic and the entire 5G data is now carried on Jio’s own 5G+4G combo core

“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 D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

Akash M Ambani, Chairman of Reliance Jio Infocomm said, “Jio has accomplished the fastest rollout of 5G technology witnessed anywhere in the world and is now available across India. JioAirFiber has seen strong initial demand and customer engagement, especially in underserved tier 3/4 towns and rural areas. Jio’s ahead of the curve investments on next-generation network, digital technologies and tailor-made products for all customer cohorts will ensure sustainable industry leading growth in coming years.”

Reliance Retail

• Reliance Retail posted a record high quarterly revenue at ₹83,063 crore, up 22.8% Y-o-Y led by Grocery, Fashion & Lifestyle and Consumer Electronics businesses

• Reliance Retail posted record quarterly EBITDA at ₹6,258 crore, up 31.1% Y-o-Y

• EBITDA margin was at 8.4%, up 50 bps Y-o-Y driven by operating leverage and continued focus on cost management

• Reliance Retail's Net profit for the quarter was ₹3,165 crore, up 31.9% Y-o-Y

• Reliance Retail expanded its store network opening 252 new store and taking the total store count to 18,774 stores with an area of 72.9 million sq ft

• Reliance Retail recorded footfalls of over 282 million across formats, a growth of 40.3% Y-o-Y; Digital Commerce and New Commerce businesses continued to grow and contributed to 19% of revenue

“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 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,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited said, “Reliance Retail has delivered steady performance during the festive quarter. Our business success is intricately woven into the larger fabric of India's economic growth, and together, we are shaping a compelling story of innovation and world class possibilities for the future. We remain resolute in our commitment to bring high quality products at great value to our customers with an engaging shopping experience”.

Reliance O2C

• Reliance's O2C segment quarterly revenue fell 2.4% Y-o-Y to ₹141,096 crore primarily on account of lower price realisation led by 5.3% Y-o-Y decline in average Brent crude oil prices

• O2C EBITDA for the quarter marginally increased by 1.0% Y-o-Y 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. O2C EBITDA would have been higher on Y-o-Y and comparable on Q-o-Q basis, if all major units were available during the quarter.

“The O2C 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,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

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 realisation from KG D6 Field.

• Oil & Gas EBITDA rose to a record high ₹5,804 crore, up 49.6% Y-o-Y

• Block KG D6 is currently producing ~30 MMSCMD gas and ~ 21,000 Bbl of Oil / Condensate

“The Oil & Gas segment posted its highest ever quarterly EBITDA. I am happy to note that KG D6 is now contributing 30% of India’s gas production, fueling its transition towards a greener and cleaner tomorrow,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited