Reliance Industries Limited (RIL) consolidate net profit grew by 10.9 percent on-year to Rs 19,641 crore for the December quarter of the current financial year 2023-24.
The major drivers for profitability were the consumer businesses and the oil & gas segment.
Consolidated revenue for the third quarter came in at Rs 2.48 lakh crore, growing 3.2 percent from the year-ago period, supported by continued growth momentum in consumer businesses.
“Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.
RIL's quarterly EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 16.7 percent on-year to Rs 44,678 crore, led by growth across all businesses.
The double-digit growth in consolidated EBITDA was driven by 31.1 percent growth in Reliance Retail Ventures and 49.6 percent jump in oil & gas.
The oil-telecom-to-retail giant expanded its consolidated EBITDA margin to 18 percent for the quarter, up by 210 basis points over the corresponding period last fiscal.
Jio Platforms
Jio Platforms registered a strong 11.6 percent on-year growth in net profit at Rs 5,445 crore for the quarter, while the revenue was at a record high of Rs 32,510 crore, growing 11.4 percent YoY, with ARPU (average revenue per user) increasing 2 percent YoY to Rs 181.7 with better subscriber mix partially offset by unlimited data allowance on 5G network.
The 5G rollout accelerated the subscriber addition momentum. Jio continued to outpace the competition, with 11.2 million net additions in Q3FY24, taking the subscriber base to 470.9 million, while the customer engagement on the Jio network remained strong, with total data and voice traffic increasing 31.5 percent to 38.1 billion GB, and 7.9 percent to 1.37 trillion minutes, respectively, from a year earlier.
The company has rolled out the Jio True 5G network across India ahead of schedule. About 90 million subscribers have been migrated to Jio's 5G network.
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