Reliance Industries Limited (RIL) Chairman Mukesh Ambani. File | Photo: PTI
Reliance Industries Ltd reported second quarter consolidated net profit fell 2.8% to ₹19,323 crore from ₹19,878 crore in the same period last year.
Gross revenue for the quarter ended September 30, 2024, remained flat year-on-year at Rs 2,58,027 crore, the company said in a statement.
Oil-to-Chemicals (O2C) revenues improved with higher volumes and increased domestic product placements.
Digital services revenue increased with the impact of revised telecom tariffs for mobility services and the growth of the home and digital services business. Lower gas price realizations led to 6% lower revenue in the oil and gas segment, the company said.
The company’s EBITDA declined 2.0% YoY to Rs 43,934 crore. EBITDA for Jio Platforms Limited (JPL) increased 17.8% year-on-year due to better subscriber mix, scaling of digital services and telecom tariff revision, the company said.
EBITDA margin for Reliance Retail Ventures Limited (RRVL) improved by 30 basis points with continued focus on streamlining operations and calibrated approach in B2B. O2C EBITDA was lower by 23.7% due to the sharp decline in product margins. Fuel cracks are down nearly 50% year-on-year, it said.
Downstream chemicals also declined with subdued global demand in a well-supplied market. RIL has benefited from the superior economics of ethane cracking driven by the sharp fall in ethane prices.
Oil & Gas segment EBITDA increased by 11.0% due to sustained volume growth and one-time provisions for decommissioning costs of the Tapti field in Q2 FY 24.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “I am happy to note that this quarter, Reliance has once again demonstrated the resilience of its diversified business portfolio. Our performance reflects solid growth in the Digital Services and Upstream businesses. This helped partially offset the weak contribution of the O2C business, which was impacted by adverse global supply and demand dynamics.”
“Growth in digital services was driven by increased ARPU and improving customer engagement metrics, reflecting the strong value proposition of our services. The home broadband segment is witnessing accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s wide range of offerings enables it to digitally empower every village, town and city in India as well as the country’s small and medium enterprises. The digital services business continues to focus on innovative deep-tech solutions on a national scale and is on track to deliver the revolutionary benefits of AI to all Indians,” he said.
“The retail segment continues to increase its consumer touch points and product offerings across physical and digital channels. The unique multi-channel retail model enables the business to serve a wide range of demands of a huge, diverse customer base. The retail business continues to partner with renowned local and global players, expanding its basket of quality product offerings. The focus on strengthening our retail operations will help us rapidly grow this business in the coming quarters and years and maintain our industry-leading growth momentum,” he added.
Published – October 14, 2024, 7:49 PM IST
