Reliance Industries registers 11.5 pc revenue growth during Q1 - World News Network

New Delhi [India], July 19 (ANI): Reliance Industries Limited on Friday reported that its consolidated revenue during the April-June 2024 quarter was 11.5 per cent higher year-on-year at Rs 257,823 crore. In the same quarter last year, it was at Rs 231,132 crore.
The growth in revenue can be attributed to higher oil and product prices and oil and gas segment with strong growth in volumes. Steady growth in consumer businesses also contributed to the increase in revenue.
Coming to consolidated net profit or profit after tax, it, however, fell year-on-year by 4 per cent to Rs 17,448 crore. In the same quarter of 2023, it was at Rs 18,182 crore.
Reliance’s overall EBITDA increased by 2.0 per cent year-on-year to Rs 42,748 crore.
“O2C EBITDA was lower by 14.3 per cent on account of lower gasoline cracks (-30 per cent) and lower downstream chemical deltas, particularly PE (-17 per cent), PP (-16 per cent) and integrated polyester margin (-15 per cent),” the earnings document read.
The capital expenditure for the quarter ended June 30, 2024, was Rs 28,785 crore.
“Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services,” said Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries Limited.
“The attractive value proposition offered by Jio is enabling more Indians to transition to next-gen data networks. This is further accelerating the digital revolution which is reshaping communications, analytics and computing, media and entertainment, and commerce in India. Jio is committed to providing the best-quality state-of-the-art network at the most affordable prices globally.”
The retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets, the Chairman and MD added.
“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.”
Coming to Jio Platforms, the revenue from operations during the June quarter rose 12.8 per cent to Rs 29,449 crore. Net profit or profit after tax rose 11.7 per cent to Rs 5,698 crore.
Its total subscriber base reaches 490 million including 130 million 5G users – Jio is the largest 5G operator outside China. Jio continues to build on its market leadership with 33 per cent year-on-year increase in data traffic; 5G accounts for over 31 per cent of Jio’s wireless data traffic.
Per capita data consumption increased to 30.3gb / month or more than 1gb / day. Jio has become the largest operator globally in terms of data traffic. Jioairfiber drives the highest-ever quarterly home connects for Jio with over 1.1 million net additions.
“ARPU (average revenue per user) was Rs 181.7 with better subscriber mix, partially offset by increasing mix of promotional 5G traffic being offered on an unlimited basis to subscribers and not charged separately,” the earnings document read.
Akash M Ambani, Chairman of Reliance Jio Infocomm said, “Ubiquitous, high-quality, affordable internet is the backbone of Digital India and Jio takes pride in contributing to this. Our new prepaid plans would foster industry innovation towards 5G and AI and drive sustainable growth. Jio with its superior network and new service propositions would further build its market leadership with a customer-first approach.”
Moving on to Reliance Retail, its Gross Revenue for the June 2024 quarter grew 8.1 per cent year-on-year to Rs 75,615 crore. Reliance Retail expanded its store network with 331 new store openings taking the total store count to 18,918, with area under operation at 81.3 million sq. ft.
The quarter recorded footfalls of over 296 million, a growth of 18.9 per cent YoY.
The registered customer base grew to 316 million, making Reliance Retail one of the most preferred retailers in the country. The total transactions recorded were at 334 million, up 6.4 per cent YoY.
Reliance’s O2C (oil to chemicals) segment revenue for the quarter increased by 18.1 per cent year-on-year to Rs 157,133 crore (USD 18.8 billion) primarily on account of higher product prices tracking 9 per cent increase in Brent crude oil prices, and higher volumes supported by strong domestic demand. (ANI)

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