Mukesh Ambani-led RIL to declare Q1 results on July 19

The Mukesh Ambani-led conglomerate reported a 2% fall in its consolidated net profit to Rs 18,951 crore for the quarter ended March 2024, compared to Rs 19,299 crore in the year-ago period. Revenue from operations surged 11% year-on-year to Rs 2.4 lakh crore in the reporting period, compared to Rs 2.16 lakh crore in the previous year's quarter.

The company's operating profit (EBITDA) recorded a strong growth of 14% year-on-year to Rs 47,150 crore in the March quarter, while margins expanded by 50 basis points to 17.8%.

Sequentially, the bottomline had jumped 10% quarter-on-quarter, while revenues increased 6%. “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering the growth of various sectors of the Indian economy. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," , Chairman and MD of RIL and then said.

The strong revenue growth was supported by double-digit growth in the O2C (oil-to-chemicals) and consumer businesses.

Finance costs during the reporting quarter fell 1% year-on-year to Rs 5,761 crore ($691 million) due to lower average liability balances. Capital expenditure for the quarter was Rs 23,207 crore.

Segment-wise, the dominant oil-to-chemicals business recovered well during the quarter, achieving revenue growth of 11% year-on-year to Rs 1.42 lakh crore ($17.1 billion). This was mainly led by improved realisation in the transportation fuel segment and higher volumes.

The company's digital arm, Jio Platforms, recorded operating revenue growth of 13% year-on-year to Rs 28,871 crore, driven by robust subscriber growth across mobility and homes, and the benefit of an improved ARPU mix.

Reliance Retail Reliance delivered a resilient performance with another year of strong revenue growth and profit for the fiscal. The business recorded gross revenue of Rs 3.06 lakh crore for FY24, showing a growth of 17.8% over last year.

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