RIL Q4 Results Highlights: Reliance Industries posted its fourth quarter earnings for the financial year 2023-24 with consolidated profit at Rs 18,951 crore, down 1.8 per cent in comparison to Rs 19,299 crore during the fourth quarter of FY23.
With the likes of Wipro, Infosys, TCS, HDFC Bank, Jio Financial, already having released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now picking up pace after Reliance Industries Ltd (RIL) released its quarter numbers today.
Investors were today keen on the performance of players like RIL, Hatsun Agro Products, Mahindra Logistics, KP Energy, Aditya Birla Money, among others. Meanwhile, the street is also keeping a watch on how stocks are performing for the companies that have already released their earnings for the period.
The coming week will witness announcements from the likes of Axis Bank, ICICI Prudential Life Insurance, Mahindra & Mahindra Financial Services, Tata Elxsi, along many others.
Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Jio continues to maintain its network leadership and offer innovative digital solutions to multiple customer cohorts. This is driving consistent outperformance in terms of subscriber additions and engagement levels. Continued acceleration in growth of JioAirFiber subscriber base and ramp-up of digital services will sustain industry-leading growth for Jio.”
Reliance’s Media business posted gross revenue for the quarter ended March 31, 2024, at Rs 2,808 crore, up 62.2 per cent on-year in comparison to Rs 1,731 crore during the same period last year. FY24 revenue was at Rs 10,826 crore, up 49 per cent on-year. The segment reported a loss of Rs 207 crore.
Reliance Industries’ Oil & Gas business vertical registered 42 per cent on-year growth in Q4 revenue at Rs 6,468 crore from Rs 4,556 crore during the fourth quarter of FY23. This was mainly on account of higher volumes partly offset by lower price realisation from KG D6 Field. EBITDA, meanwhile, increased to Rs 5,606 crore which is up by 47.5 per cent on YoY basis. EBITDA margin was at 86.7 per cent for Q4FY24.
RIL’s Oil to Chemicals (O2C) segment recorded Q4 revenue at Rs 142,634 crore, up 10.9 per cent YoY as compared to Rs 128,634 crore during the same period previous year. This was primarily on account of improved realization for the transportation fuels segment and higher volumes. The Q4 EBITDA stood at Rs 16,777 crore, up 3 per cent on-year.
Reliance Retail posted Q4 revenue at Rs 76,627 crore, up 10.6 per cent YoY as against Rs 69,267 crore during the third quarter of FY23. It posted profit for the quarter at Rs 2,698 crore, up 11.7 per cent from Rs 2,415 crore during the year ago period. Q4 EBITDA stood at Rs 5,823 crore.
“Reliance Retail continues to deliver steady performance led by growth across consumption baskets. We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story,” said Isha M Ambani, Executive Director, Reliance Retail Ventures Limited.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries
“We remain committed to our projects and initiatives, including those in the New Energy segment, which will bolster the company, and help it deliver sustainable growth for the future.”
Mukesh Ambani, Chairman and Managing Director, Reliance Industries
“Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production.”
Mukesh Ambani, Chairman and Managing Director, Reliance Industries
“Reliance Retail continued to provide customers endless choices through its robust omni-channel presence. We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space.”
Mukesh Ambani, Chairman and Managing Director, Reliance Industries
“Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services. With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation’s digital infrastructure.”
Mukesh Ambani, Chairman and Managing Director, Reliance Industries
“Initiatives across RIL’s businesses have made a remarkable contribution
towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits.”
RIL Q4 EBITDA increased by 14.3% YoY to Rs 47,150 crore ($ 5.7 billion) with strong contribution from all businesses.
RIL Q4 Gross Revenue at Rs 264,834 crore ($ 31.8 billion), up 10.8% Y-o-Y on the back of double-digit growth in O2C and consumer business. Oil & gas segment revenues increased sharply by 42.0% with higher volumes from KG D6 block.
Reliance Industries posted its fourth quarter earnings for the financial year 2023-24 with profit at Rs 18,951 crore, down 1.8 per cent in comparison to Rs 19,299 crore during the fourth quarter of FY23.
Reliance Industries announces Q4 results. RIL Q4 net profit at Rs 18,951 crore.
Board announces Rs 10/share dividend.
Sanjay Mashruwala resigns as Managing Director of Reliance Jio Infocomm, effective June 9, 2024. Pankaj Mohan Pawar will continue to serve as the Managing Director of the company.
Reliance Jio on Monday recorded profit for the fourth quarter of FY24 at Rs 5,337 crore, up 13.2 per cent on-year as against Rs 4,716 crore during the same period last year. It registered revenue from operations for the quarter ended March 31, 2024 at Rs 25,959 crore, up 11 per cent from Rs 23,394 crore during Q4FY23. The company EBITDA stood at Rs 13,612 crore, up 2.5 per cent on-year.
Reliance Industries’ telecommunications arm, Reliance Jio on Monday reported its FY24 profit at Rs 20,607 crore, up 12.6 per cent in comparison to Rs 18,299 crore during the financial year ended March 31, 2023. For the financial year 2023-24, the company reported revenue from operations at Rs 1,00,891 crore, up 10.4 per cent on-year as against Rs 91,373 crore for FY23.
Reliance Jio is estimated to post revenue of Rs 25,990 crore, up 2.4 per vent QoQ and EBITDA of Rs 13,760 crore, up 3.6 per cent QoQ, according to Prabhudas Lilladher estimates. It has factored in ARPU of Rs 182, flat on sequential basis and subscriber addition of 10.2 million in Q4 to 481.1 million.
Reliance Retail EBITDA is estimated to grow in the range of 0.4 per cent to 1 per cent QoQ during Q4FY24 on a high base of Q3FY24, on the back of strong festive sales in Q3FY24.
Reliance Digital is expected to post improvement in operating performance as EBITDA is estimated to grow by 2.6 per cent sequentially to Rs 14,600 crore on account of net subscriber additions of around 10.5 million QoQ, aided by improvement in average revenue per user (ARPU) to Rs 182.5 from Rs 181.7 in Q3FY24, according to JM Financial.
Reliance Industries’ O2C EBITDA is expected to grow by 11.8 per cent QoQ to Rs 15,700 crore due to improvement in GRM to $11.2 per barrel versus implied GRM of $10 per barrel in Q3FY24 driven by improved diesel and petrol cracks. Per JM Financial, it was also aided by higher refining throughput though petchem margin is expected to remain subdued.
RIL’s profitability is expected to improve sequentially on better O2C numbers. Reliance Jio and Reliance Retail are also expected to continue to deliver strong performance, while E&P should witness steady realization. Key monitorable will be the company’s margin outlook in refinery and petchem businesses.
Reliance Industries is estimated to report strong growth in revenue along with operational performance during the fourth quarter of FY24. This will be driven by its telecom and retail businesses. RIL’s Oil-to-Chemical (O2C) segment is also expected to see a sharp rebound in Q4 over gross refinery margins.
RIL, per analysts, is expected to report healthy numbers for the company despite a dip in profitability. In terms of segments, the company is likely to see a strong growth in its retail and telecom business.
Reliance Jio had recorded third quarter profit at Rs 5208 crore, up 12.3 per cent in comparison to Rs 4638 crore during the corresponding quarter of FY23. It had posted revenue from operations at Rs 25,368 crore, up 10.3 per cent as against Rs 22,998 crore during the third quarter of FY23.
Oil & Gas major, Mukesh Ambani-led Reliance Industries had recorded a positive Q3FY24 performance. The net profit was at Rs 19,641 crore, up 10 per cent YoY from Rs 17,706 crore in Q3FY23. The gross revenue for Q3 came in at Rs 248,160 crore up 3 per cent YoY from Rs 240,532 crore in the same quarter last fiscal supported by continued growth momentum in consumer businesses.
On April 20, Jio Financial Services reported a 6 per cent quarter-on-quarter (QoQ) rise in its consolidated net profit for the quarter ended March at Rs 311 crore. On a standalone basis, the net profit stood at Rs 78 crore, marginally higher than Rs 71 crore in the previous quarter.
During Q4FY24, the NBFC’s total income stood at Rs 418 crore, higher than Rs 414 crore in Q3. Overall expenses rose by Rs 2 crore QoQ to Rs 101 crore.
The RIL board would deliberate on a proposal to recommend dividend payout to shareholders for the financial year 2023-24. This marks the second dividend payout to shareholders by Reliance Industries for the fiscal year 2023-24. Earlier in August 2023, the oil-to-telecom-to-retail major had disbursed a dividend of Rs 9 per share for the fiscal year 2023-24.