RIL, Jio Q3 Earnings Announcement Key Dates, Where to Watch Live Streaming: Mukesh Ambani led-Reliance Industries Ltd (RIL) will announce its fiscal third quarter earnings next week on January 16 (Thursday). The conglomerate will hold its board meeting to consider and approve the standalone and consolidated financial results for the third quarter of FY25 and for nine months ended December 31, 2024.
Brokerage firms maintained their bullish view for the company based on potential rebound in refining margins, another hike in tariff in FY26, return business bouncing back to growth and a potential start of the new energy giga complex.
Date of Announcement of RIL Q2 Results
RIL will release its fiscal third quarter earnings report on January 16. In a regulatory filing on January 9, RIL had said, “Pursuant to Regulation 29 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please note that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, January 16, 2025, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and nine months ended December 31, 2024.”
“A presentation to the analysts and media on financial results of the Company for the quarter and nine months ended December 31, 2024 shall be made on the same day after the meeting,” it added.
While the company traditionally releases its earnings report during the evening time, the exact time for the announcement has not been confirmed yet.
What to expect?
In an analysis report, Goldman Sachs said that RIL is expected to post Q3 core EBITDA growth of 5 per cent on-quarter but will remain largely flat on YoY basis as strong telecom earnings growth is expected to be offset by weakness in energy and more muted retail growth. “These challenges are already well known as management flagged that the streamlining/restructuring of operations will remain a drag on retail earnings through Q4 as well,” it said.
Further, Nuvama, in an analysis report, maintained that RIL’s consolidated EBITDA is expected to see a sequential improvement, mainly driven by earnings from the Jio and Retail sectors. However, it maintained that the year-on-year comparison indicates a decline of 1.5 per cent in EBITDA, attributed to the underperformance of the O2C sector.
RIL’s energy sector
Per Goldman Sachs, energy EBITDA is expected to remain flat sequentially as gains in refining earnings are offset by weaker petchem earnings. On refining, the brokerage firm stated, a sequential growth is expected in net GRM to $8.7/bbl in Q3 (+6% QoQ) driven by better ex-China supply-demand dynamics and a more favourable cost base. On petchem, it said, “we see a longer recovery trajectory for margins due to unresolved supply and demand issues for olefins and certain aromatics (e.g. PTA and PET) where RIL has higher exposure”. However, analysts maintained that RIL is expected to continue outperforming industry margins, driven by a significant cost curve advantage vs. naphtha-based peers driven by low US ethane gas price.
RIL’s Jio business
For Jio Infocomm, Q3 revenue is expected to come in at Rs 301 billion and Jio’s wireless revenues is estimated to grow 17 per cent YoY. Jio saw a decline in reported subscribers in Q2, which is expected to reverse this quarter; and Goldman Sacha forecast 3.5 million subscriber adds in Q3. Per TRAI data, Jio’s wireless subscriber base declined 3.8 million in the month of Oct ’24; additionally, Jio’s active subscriber has continued to see an uptick, with 4 million net adds in Oct ‘24. “We expect wireless ARPU to further increase to Rs 197 (from Rs 185 in Q2), driven largely by residual impact of tariff hikes. We forecast reported ARPU of Rs 209 in Q3 (Rs 195 in Q2), with March ’25 exit ARPU for Jio at Rs 213, driven by both further tariff transmission and mix shift in favour of fixed broadband; we expect strong momentum to continue in fixed broadband (both fiber and FWA), with 2 subscriber million net adds in Q3 (vs. 1.8 million in Q2),” the report said.
RIL’s retail business
Goldman Sacha said that Reliance Retail is expected to post 5 per cent YoY sales growth. “In FY25E, we were expecting Reliance Retail’s sales growth to be more dependent on SSSG rather than store growth (unlike FY24, where the growth was primarily driven by store growth),’ it said. Q2 witnessed urban consumption slowdown because of reasons like high food inflation, lower government spending, etc. This was part of the reason for weak sales growth numbers reported by Reliance Retail in H1FY25. Some of these indicators, it added, have started turning positive in Q3FY25 and hence an improvement in YoY sales growth is expected.
Where to watch?
The Q3 results can be accessed through several channels:
-Company Website: Reliance Industries publishes its financial results on its official website.
-Stock Exchange Websites: Results are also uploaded on stock exchange websites where the company’s shares are listed. For example, on the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE) websites.
-Financial News Websites: Major financial news websites, including FinancialExpress.com, will cover and publish details of company earnings announcements.
RIL’s Q2 performance
Earlier in October, RIL had announced its fiscal second quarter earnings report with a 4.8 per cent year-on-year decline in consolidated profit at Rs 16,563 crore in comparison to Rs 17,394 crore during the corresponding quarter of FY24. RIL’s revenue from operations for Q2 stood at Rs 235,481 crore, marginally higher than Rs 234,956 crore posted during the second quarter of previous financial year. The O2C business saw revenue growth due to higher volumes and increased domestic placement of products, however, its revenue from the retail business declined 3.5 per cent on-year.