Reliance Q1: Revenue Climbs 11.5 Per Cent Backed By Oil And Gas, Retail And Jio Businesses

The retail wing of the conglomerate delivered a consistent and robust performance with a revenue of Rs 75,615 in Q1FY25, up by 8.1 per cent on a YoY basis

The O2C segment witnessed a revenue of Rs 1.57 lakh crore in Q1FY25, logging a gain of 18.1 per cent over the corresponding quarter a year earlier. (Image Source: Reliance)

Source : Reliance Industries

Reliance Industries on Friday reported a 11.5 per cent jump in its consolidated revenue for the first quarter of the current 2024-25 fiscal year (FY25) in the financial results for the period. The conglomerate clocked a revenue of Rs 2.57 lakh crore in the April-June quarter in the fiscal, up from Rs 2.31 lakh crore logged in the corresponding quarter of the preceding 2023-24 fiscal year (FY24).

This growth in revenue was attributed to an increase in oil prices and volumes in the firm’s O2C and Oil & Gas businesses. The consumer verticals of the conglomerate also reported steady growth, the firm said.

Meanwhile, the company’s profit after tax tanked 4 per cent to Rs 17,448 crore in the June quarter in FY24, against Rs 18,258 crore recorded in the first quarter of the previous FY23. The company’s consolidated net debt inched lower to Rs 1.12 lakh crore as of June 30, 2024, against the dues of Rs 1.16 lakh crore as of March 31, 2024. 

The consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) climbed 2 per cent to Rs 42,748 crore in the quarter under review, against Rs 41,906 crore logged in Q1FY24.

Jio

Jio Platforms reported a 12.8 per cent gain in quarterly revenue at Rs 34,548 crore on a year-on-year (YoY) basis. Jio continued to remain a leading name in the industry with a subscriber base of 490 million users. The telecom operator also emerged as the largest 5G operator outside China.

Akash M Ambani, Chairman, Reliance Jio, commented, “Ubiquitous, high-quality, affordable internet is the backbone of Digital India and Jio takes pride in contributing to this. Our new prepaidplans would foster industry innovation towards 5G and AI and drive sustainable growth.”

Reliance Retail Ventures Limited

The retail wing of the conglomerate delivered a consistent and robust performance with a revenue of Rs 75,615 in Q1FY25, up by 8.1 per cent on a YoY basis. The EBITDA of the business grew by 10.5 per cent YoY to Rs 5,664 crore in the quarter under review. This growth was driven by a surge in footfalls and the business’ footprint expansion. Depreciation for the entity increased due to a higher asset base as a result of the store extensions.

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, appreciated the results and said, “Reliance Retail delivered resilient performance during the period and strengthened its position as India's foremost retailer. The steady expansion and growth of our retail business not only signifies our commitment to customer centricity but also mirrors the resilience and vitality of the Indian growth narrative.”

Oil And Gas 

The Oil and Gas segment of the conglomerate saw a robust performance with a revenue of Rs 6,179 crore in the reviewing quarter, soaring 33.4 per cent on a YoY basis. This surge was credited to the higher volumes that were slightly offset by lower price realisation from KG D6 and CBM Field.

Oil To Chemicals (O2C)

The O2C segment witnessed a revenue of Rs 1.57 lakh crore in Q1FY25, logging a gain of 18.1 per cent over the corresponding quarter a year earlier. This growth in revenue was backed by higher product prices tracking the rise in Brent crude oil prices and the escalating volumes supported by a robust demand at the domestic level. 

Commenting on the conglomerate's performance, Mukesh Ambani, Chairman and MD, Reliance Industries Limited, said, “Consolidated EBITDA for the quarter improved from a year ago with strong contribution from Consumer and Upstream businesses offsetting weak O2C operating environment. The digital services business registered an impressive financial performance year-on-year, continuing its positive growth momentum. The deep integration and flexibility built into our O2C business model helped mitigate the impact of challenging operating environment. The business was impacted by lower fuel cracks with tepid global demand and ramp-up of new refineries. The oil and gas segment continued its growth trajectory with higher production, offsetting lower year-on-year gas price realizations. Reliance has made significant progress on the implementation of New Energy Giga-factories. On completion, these projects will provide India a world-class, integrated green energy ecosystem which can propel the next leg of sustainable growth.”