New Delhi, Jan 16 (UNI) Beating the Street estimates, billionaire Mukesh Ambani-led Oil-to-Chemicals-to-Telecom-to-Retail Reliance Industries Limited on Thursday reported 11.7 percent jump in net profit at Rs 21,930 crore year-on-year basis during the third quarter (October-December) of FY 2024-25 versus Rs 19,641 crore in the corresponding quarter of FY 2023-24.
Revenues from operations grew 7.7 per cent in the third quarter at Rs 267,186 crore as against Rs 248,160 crore in the same quarter of previous fiscal.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said “The previous month commemorated the 25th anniversary of our Jamnagar refinery. It gives me great pleasure to see Reliance grow exponentially over the years and set new benchmarks that demonstrate the inherent strength and resilience we have across all our businesses.”
The delivery of record EBITDA and PAT at a consolidated level for this quarter is a testament to this. Robust growth in digital services business was led by sustained subscriber addition and consistent improvement in customer engagement metrics. This was well supported by a favourable subscriber mix, with an increasing number of users upgrading to 5G networks. Jio’s compelling offering of home broadband services also continued to rapidly gain ground and maintain its pre-eminent market position, he said.
“It gives me immense joy to see Jio grow and support the expanding technology capabilities of new India. Teams at Jio continue to enhance its offerings, in line with the constantly evolving technology landscape to bring the best-in-class digital experience to all,” he added.
Retail segment delivered a strong performance, with noteworthy contribution from all formats. The business ably capitalized on the pick-up in consumption amid festive demand during the quarter. A superior understanding of customer needs and preferences enables Reliance Retail to serve a wide variety of demographic profiles with the right product, at the right time, through the right channel, RIL said in a regulatory filing with the stock exchanges.
With customer-centric innovation at its core, the business constantly endeavors to enhance the shopping experience of its customers through its vast reach and a constantly expanding product basket.
The O2C business showcased its innate resilience, registering growth even in this prolonged period of volatility in the global energy markets. Refining margins recovered sequentially, with petrochemical deltas exhibiting a mixed trend. Upstream segment continues to play a pivotal role in providing the crucial transition fuel bolstering India’s energy security.
“As we stand at another iconic milestone today, we are geared up for the transformational growth that Reliance is set to experience in the near future,” Ambani said.
RIL said that the finance costs increased by 6.7% Y-o-Y to Rs 6,179 crore (USD 722 million), primarily due to higher debt balance. However, net debt remained largely flat. Net debt of the Group stood at Rs 115,465 crore at the end of December, 2024.
