Oil & Gas major, Mukesh Ambani-led Reliance Industries has recorded a positive Q3FY24 performance. The Net Profit has come in at Rs 19,641 crore, up 10% YoY from Rs 17,706 crore in Q3FY23. The gross revenue for Q3 came in at Rs 248,160 crore up 3% YoY from Rs 240,532 crore in the same quarter last fiscal supported by continued growth momentum in consumer businesses. Revenue from Oil & Gas segment increased significantly mainly on account of higher volumes
partly offset by lower gas price realisation from KG D6 field.
EBITDA increased by 16.7% Y-o-Y to Rs 44,678 crore ($ 5.4 billion). The key contributors include:
-11.5% Y-o-Y increase in JPL EBITDA with higher revenue and increase in margins.
-Robust 31.1% increase in RRVL EBITDA led by record footfalls amid festive season.
-EBITDA margin for RRVL improved by 50bps to 8.4% reflecting operating leverage and continued focus on cost management initiatives.
The company stated that the sustained performance in the O2C segment with higher gasoline cracks and advantageous feedstock sourcing. This was partially offset by lower downstream chemical margins and planned maintenance and inspection shutdown.
The Oil and Gas segment EBITDA increased sharply by 49.6%, led by 72.6% higher gas and condensate production from KG D6 block.