Reliance Industries Ltd disclosed a 9% surge in net profit for the December quarter, with a consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share. Despite a planned maintenance-induced dip in the oil business, the retail and telecom segments exhibited stability. This figure marks a 9.3% increase from the Rs 15,792 crore, or Rs 23.19 a share, reported a year ago. It's worth noting that the quarterly profit dipped when compared to the preceding three months' earnings of Rs 17,394 crore.
The oil-to-chemicals (O2C) business, the primary revenue driver, experienced subdued earnings due to a planned maintenance shutdown in the refining complex in Jamnagar. Despite this, the overall EBITDA for the quarter witnessed a 16.7% year-on-year increase to Rs 44,678 crore, showing growth across all business segments. However, revenue from operations remained nearly flat at Rs 2.2 lakh crore.
The retail sector achieved record footfalls, resulting in the highest-ever quarterly revenue and pre-tax profit (EBITDA). Meanwhile, telecom revenues surged due to substantial subscriber additions and increased data traffic. The O2C business posted a 2.4% decline in revenue, with an EBITDA of Rs 14,064 crore, a 1% YoY increase but lower than the preceding quarter.
Reliance Jio Infocomm Ltd, the digital services arm, reported an 11.6% rise in net profit to Rs 5,445 crore in Q3. The consumer base expanded to 470.9 million, with steady per-user revenues of Rs 181.7. The retail business saw a 40% increase in profits to Rs 3,165 crore, driven by a rise in store count and footfalls. Additionally, oil and gas EBITDA increased by 50% to Rs 5,804 crore, thanks to higher gas volumes.
Mukesh D Ambani, Chairman and Managing Director, highlighted the rapid rollout of True 5G services by Jio across India. The retail segment's impressive performance was attributed to its expanding physical and digital footprint, with a focus on enhancing the customer shopping experience.
Reliance's consolidated net debt rose to Rs 3.11 lakh crore from Rs 2.95 lakh crore in September-end. The company remains optimistic about its new energy giga complex, set to be commissioned in the second half of CY24, playing a pivotal role in the global adoption of cleaner fuels. The consolidated net debt currently stands at Rs 1,19,372 crore, representing 67% of the annualized EBITDA. Jio added 11.2 million net subscribers, and its per-user revenue increased by 2% year-on-year.
Akash M Ambani, Chairman of Reliance Jio Infocomm, emphasized Jio's achievement as the fastest 5G rollout globally. Reliance Retail reported a record-high quarterly revenue of Rs 83,063 crore, up 22.8% YoY, driven by various business segments. Isha M Ambani, Executive Director of Reliance Retail Ventures Limited, highlighted the steady performance during the festive quarter and its integral role in India's economic growth story.
(With Agency Inputs)
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