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Mukesh Ambani-led Reliance Industries Ltd (RIL) has posted robust financial results for the December quarter, showcasing an 11% year-on-year rise in net profit. The company reported a net profit of Rs 19,641 crore, compared to Rs 17,706 crore in the same quarter a year ago. The positive momentum extended to gross revenue, growing by 3.2% to Rs 2,48,160 crore from Rs 2,40,532 crore in the previous year.
One notable aspect is the restatement of figures for the year-ago period. RIL adjusted its financials to reflect the demerger of the financial services business, providing a more accurate representation of the company’s performance.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at Rs 44,678 crore, marking a significant 16.7% YoY increase. The EBITDA margin also saw a healthy uptick, reaching 18%, up by 210 basis points from the same quarter last year.
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However, the company acknowledged a weaker Q2C EBITDA, attributing it to planned maintenance and inspection shutdown. Despite this, Reliance Industries highlighted positive aspects, noting that revenue for Jio Platforms Limited (JPL) surged by 11.4% YoY. This growth was driven by robust subscriber additions in both the mobility and home segments, coupled with improved average revenue per user (ARPU).
Reliance Retail also demonstrated a strong performance, with revenue climbing by 22.8% YoY. Notably, growth was observed across all consumption baskets, with Grocery leading at 41%, followed by Fashion & Lifestyle (28%), and Consumer Electronics (19%).
On the flip side, the Oil-to-Chemicals (O2C) segment experienced a 2.4% decline in revenue. This decline was primarily attributed to lower price realization, influenced by a 5.3% YoY drop in average Brent crude oil prices. However, the Oil & Gas segment reported a significant revenue jump, driven by higher volumes, albeit partly offset by lower gas price realization from the KG D6 field.
Reliance Industries’ Q3 financial performance reflects a resilient and diversified business model, with strengths across various segments mitigating challenges in specific areas. The company’s strategic adjustments and focus on emerging sectors contribute to its continued growth in a dynamic economic landscape.