Reliance Industries (RIL) on Friday posted a 11% rise in consolidated net profit to ₹19,641 crore for October-December 2023 quarter, led by steady performance in consumer businesses. Gross revenue grew 3% to ₹2.48 lakh crore.
Jio Momentum Continues
RIL’s telecom arm Jio Platforms saw 11.3% revenue growth to ₹27,697 crore driven by stronger subscriber additions and improving ARPU mix.
Net profit rose 12% to ₹5,445 crore while EBITDA jumped 12% to ₹13,955 crore as margins expanded. Higher data and voice consumption by users aided revenue growth.
Retail Sees Broad-based Uptick
Reliance Retail delivered 23% higher gross revenue at ₹83,063 crore led by grocery, fashion/lifestyle and consumer electronics segments. Its store network expanded by 252 outlets.
Higher footfalls and digital commerce sales which comprise 19% of revenues boosted performance. EBITDA rose 31% to ₹6,258 crore.
O2C Profits Stay Muted
RIL’s oil-to-chemicals business saw 2.4% revenue decline to ₹1.41 lakh crore owing to lower crude oil realizations. EBITDA inched up 1% to ₹14,064 crore as feedstock gains were offset by chemical margin dip.
Gas Production Surges
Exploration unit revenue increased 50% on higher output from KG-D6 fields. But lower gas prices limited EBITDA growth to 50% at ₹5,804 crore.
Mixed Media Segment Show
Media arm revenue dropped 4% to ₹1,774 crore impacted by lower movie uptake. Investments in digital and sports verticals also squeezed profits currently. But TV news and digital news business saw strong ad growth.
So while consumer engines drive volumes, RIL’s core O2C segment faced margin pressures this quarter. But retail and Jio continue powering its overall earnings growth narrative.
