Reliance Industries Q3 Results: Steady Growth Across Industries – Jio, Retail, and Consolidated Figures Revealed

Reliance Industries Limited:
– Consolidated revenues for Q3FY24 reached Rs 248,160 crore, showing a 3.2% YoY increase, supported by sustained growth in consumer businesses.
– Quarterly EBITDA stood at Rs 44,678 crore, witnessing a notable 16.7% YoY growth across all business segments.
– Despite higher finance, depreciation, and tax costs, the consolidated net profit was Rs 19,641 crore, reflecting a robust 10.9% YoY increase.

Reliance Jio:
– Net profit for Q3FY24 was Rs 5,208 crore, marking a 12% YoY rise and a 3% sequential increase from Q2FY24.
– Revenue from operations increased by 10% YoY to Rs 25,368 crore, with total income growing by 11% to Rs 25,513 crore YoY.
– EBITDA witnessed a 12% rise in Q3FY24, showcasing the company’s financial strength.
– In the December quarter, Jio added 11.2 million users, reaching a total of 470.9 million subscribers.
– Total data traffic on the Jio Network surged by 32% to 38.1 exabytes during the December quarter.

Reliance Retail:
– Net profit for Reliance Retail in 3Q FY24 increased by 31.9% YoY, reaching Rs 3,165 crore.
– Gross revenue for 3Q FY24 was Rs 83,063 crore, experiencing a substantial growth of 22.8% YoY.
– Growth was led by the Grocery, Fashion & Lifestyle, and Consumer Electronics businesses within Reliance Retail.

The company stated that a significant shutdown in the refineries division of the O2C business had a notable impact on the numbers. Additionally, the quarterly earnings were affected by a sequential increase in the cost of stock-in-trade, rising to Rs 57,898 crore, along with higher expenses due to increased employee cost, finance cost, and depreciation.

As of December 31, 2023, RIL invested Rs 30,102 crore (equivalent to $3.6 billion) in the nationwide rollout of 5G, expansion of retail infrastructure, and the development of new energy business. The company clarified that this figure excludes expenses related to spectrum, and it is adjusted for capital advances and the regrouping of assets.