Reliance Industries posts $28.2b consolidated revenues for Q1

Reliance Industries Limited posted consolidated revenues of Rs231,132 crore ($28.2 billion), down 4.7 per cent year-over-year (YoY), for first quarter (Q1) of financial year 2023-24 (FY2023-24) due to sharp decline in order to cash (O2C) revenues with 31 per cent fall in crude oil prices.

Reliance’s quarterly earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at a record high of Rs41,982 crore ($5.1 billion), up 5.1 per cent Y-o-Y, led by consumer and upstream businesses.

Its consolidated profit after tax (PAT) was at Rs8,258 crore ($2.2 billion), down 5.9 per cent year-over-year, on account of higher finance cost and increased depreciation.

The capital expenditure for the quarter was Rs44,683 crore ($5.4 billion).

Jio Platforms’ gross revenue for the quarter was at a record high of Rs30,640 crore, up 11.3 per cent year-over-year.

Its earnings before interest, taxes, depreciation, and amortisation for the quarter was at a record Rs 13,116 crore, up 14.8 per cent year-over-year, while its net profit for the quarter was Rs 5,098 crore, up 12.5 per cent year-over-year.

Jio’s network leadership drove 9+ million net subscriber addition, and 25GB of per capita data consumption. Its total data traffic jumped 28.3 per cent year-over-year to 33.2 billion GB for the quarter, while voice traffic grew 7.2 per cent to 1.34 trillion minutes.

Jio continued to lead the industry’s net subscriber addition with 9.2 million adds in the quarter. Its monthly churn reduced to 1.8 per cent during the quarter, while its customer base stood at 448.5 million as on June 30.

Jio has deployed over 115,000 sites with 690,000 5G cells covering more than 90 per cent census towns and is leading in terms of both network availability and customer experience.

Meanwhile, the quarterly earnings before interest, taxes, depreciation, and amortisation for Reliance Retail crossed Rs5,000-mark.

Robust growth continues in retail with expanded physical-digital footprint.

Reliance Retail posted a record high quarterly revenue at Rs69,948 crore, up 19.5 per cent year-over-oear led by growth in grocery, consumer electronics (excluding devices) and fashion & lifestyle.

Reliance Retail posted record quarterly earnings before interest, taxes, depreciation, and amortisationat Rs5,139 crore, up 33.9 per cent year-over-year.

The earnings before interest, taxes, depreciation, and amortisation margin was at 7.9 per cent, up 30 bps year-over-year driven by efficiencies.

Reliance Retail’s net profit for the quarter stood at Rs 2,448 crore, up 18.8 per cent year-over-year.

Reliance Retail maintained its store opening trajectory with 555 new store openings, taking the total count to 18,446 stores. It added 5 million sq ft of operated area to 70.6 million sq ft.

Reliance Retail recorded highest-ever footfalls at 249 million across formats during the quarter.

The Digital Commerce and New Commerce businesses continued to grow and contributed to 18 per cent to the revenue.