Reliance Industries gross revenue at Rs 2.48 lakh crore in Dec quarter on momentum in consumer businesses

New Delhi: Reliance Industries Limited (RIL) declared the consolidated results for quarter ended December 31, 2023.

Gross Revenue was Rs 248,160 crore ($29.8 billion), up 3.2 per cent Y-o-Y, supported by continued growth momentum in consumer businesses.

Revenue for Jio Platforms increased by 11.4 per cent Y-o-Y, led by robust subscriber growth across mobility and homes, and benefit of mix improvement in ARPU.

Revenue for RRVL grew by 22.8 per cent Y-o-Y with strong growth across all consumption baskets with grocery — 41 per cent, fashion and lifestyle — 28 per cent, consumer electronics — 19 per cent.

O2C revenue declined by 2.4 per cent primarily on account of lower price realisation led by 5.3 per cent Y-o-Y decline in average brent crude oil prices.

Revenue from Oil & Gas segment increased significantly mainly on account of higher volumes partly offset by lower gas price realisation from KG D6 field.

EBITDA increased by 16.7 per cent Y-o-Y to Rs 44,678 crore ($5.4 billion).

Key contributors include 11.5 per cent Y-o-Y increase in JPL EBITDA with higher revenue and increase in margins.

Robust 31.1 per cent increase in RRVL EBITDA led by record footfalls amid festive season.

EBITDA margin for RRVL improved by 50bps to 8.4 per cent reflecting operating leverage and continued focus on cost management initiatives.

Sustained performance in the O2C segment with 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.

Oil and Gas segment EBITDA increased sharply by 49.6 per cent, led by 72.6 per cent higher gas and condensate production from KG D6 block.

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

“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.

“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.

“The Oil & Gas segment posted its highest ever quarterly EBITDA. I am happy to note that KG D6 is now contributing 30 per cent of India’s gas production, fueling its transition towards a greener and cleaner tomorrow. 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.

“The New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance’s New Energy business will play a pivotal role in the global movement for adoption of cleaner fuels.”

–IANS