RIL reports PAT increased by 9.3% to Rs 17,265 crore

<p>Reliance Industries (RIL), owned by billionaire Mukesh Ambani, announced a 9.3% year-over-year (YoY) rise in net profit at Rs 17,265 crore for the quarter ended in December (Q3FY24), driven by double-digit growth in both retail and telecom industry.</p>
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<p>The oil and gas industry had an over 50% increase in EBITDA (profits before interest, taxes, depreciation, and amortization), which contributed to the expansion in profit after tax (PAT).</p>
<p>Nonetheless, RIL’s net profit decreased by about 1% in Q3FY24 on a sequential basis. The biggest corporation in the nation saw its operating revenue increase 3.6% year over year to Rs 2.28 lakh cores in Q3FY24. The revenue showed a 3% decrease on a sequential basis.</p>
<p>In Q3FY24, RIL’s main operation, the oil-to-chemical (O2C) business, reported a flat bottom line and a decline in topline. According to the business, the segment’s revenue for the third quarter of FY24 decreased 2.4% YoY to Rs 141,096 crore primarily due to reduced price realization caused by a 5.3% YoY reduction in the average price of Brent crude oil. In 3Q FY24, Dated Brent averaged $84/bbl, down $4.7/bbl. The EBITDA of this sector increased by 1% year over year to Rs 14,064 crore, according to RIL. However, lower downstream chemical margins and scheduled maintenance and inspection shutdowns somewhat offset this growth. In Q2FY23, the O2C segment’s EBITDA was Rs 16,281 crore.</p>
<p>Reliance Retail (RRVL), meanwhile, revealed a substantial increase in PAT as a result of customers’ strong quarter-long celebration-related spending. RRVL’s net profit increased by 31.9% to Rs 3,165 crore in Q3FY24, while its total sales increased by 22.8% YoY to Rs 83,063 crore.</p>
<p>By the conclusion of the quarter, RRVL had added 252 new shops to its network, bringing the total number of stores to 18,774 with a combined space of 72.9 million square feet. Across formats, approximately 282 million foot traffic was reported throughout the quarter, representing a 40.3% YoY increase.Jio Platforms, Reliance’s digital division, recorded a YoY PAT increase of 11.6% to Rs 5,445 crore. Revenue increased similarly, reaching Rs 32,510 crore. This quarter, Jio’s average revenue per user (ARPU) rose 2% YoY to Rs 181.7 thanks to an improved customer mix brought about by the company’s introduction of unlimited 5G tariffs. With a 49.6% annual increase, Reliance’s oil and gas business reported its highest-ever quarterly EBITDA of Rs 5,804.</p>
<p>The robust adoption of JioBharat phone and JioAirFiber services, according to Reliance Industries Chairman and Managing Director Mukesh Ambani, has led to the continuous development of Jio’s subscriber base, which has contributed to the phenomenal growth figures of the digital services industry.</p>
<p>Ambani continued, saying that the retail industry’s fast-growing physical and digital presence has contributed to an outstanding financial performance. In the second part of CY24, he said, the New Energy Giga Complex is scheduled to be put into service.</p>
<p>PAT for Jio Platforms increases 11.6% to Rs 5,445 crore.</p>
<p>Jio Platforms announced a YoY increase in PAT of 11.6% to Rs 5,445 crore. Revenue increased similarly, reaching Rs 32,510 crore. Jio’s ARPU increased 2% YoY in Q3 to Rs 181.7 as a result of its improved subscriber mix brought about by the introduction of its unlimited 5G plans. The oil and gas division of RIL had its highest quarterly EBITDA ever, rising 49.6% to Rs 5,804.</p>