RIL Q4 Results Today: Reliance Industries on Monday 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. It posted revenue from operations at Rs 240,715 crore, up 11.3 per cent as against Rs 216,265 crore during the fourth quarter of FY23. The revenue growth was supported by double-digit growth in O2C and consumer business. Oil & gas segment revenues increased sharply by 42.0 per cent with higher volumes from KG D6 block.
With strong contribution from all businesses, the company EBITDA for the quarter stood at Rs 47,150 crore, up 14.3 per cent on-year as compared to Rs 44,678 crore during Q4FY23. EBITDA margin came in at 17.8 per cent, up 50 basis points over 17.3 per cent in the year-ago quarter. Net debt for the quarter fell to Rs 1,16,281 crore in the March quarter from Rs 1,25,766 crore in the March quarter of last year.
Reliance Industries board also recommended a dividend of Rs 10 per equity share of Rs 10 each for the financial year ended March 31, 2024.
EBITDA across business verticals
RIL’s Jio Platforms reported an EBITDA increase of 12.5 per cent on-year with higher revenue driven by sustained momentum in subscriber additions. Reliance Retail, meanwhile, recorded EBITDA growth of 18.5 per cent led by business efficiencies and a 60 bps margin expansion to 8.6 per cent. The company’s Oil to Chemicals business posted a resilient EBITDA despite weak margin environment. Lower transportation fuel cracks were offset by reduced SAED impact, RIL said. The Oil and Gas segment EBITDA increased by 47.5 per cent, led by 66.4 per cent higher gas and condensate production from KG D6 block.
Commenting on the earnings, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, said, “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.”
He further added that the performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services.
Talking about Reliance Retail’s performance, Mukesh D Ambani said, “We continue to offer product differentiation and superior offline experience through stores remodelling 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 the new commerce space.”
He also applauded the margins and profitability of the O2C segment. “Downstream chemical industry experienced increasingly challenging market conditions throughout 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,” he added.
“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,” said Mukesh D Ambani.