Reliance Industries Ltd (RIL) reported a record net profit of Rs 21,930 crore ($2.6 billion) for the third quarter of fiscal 2024-25, up 11.7% year-over-year, as strong performances in its retail and telecom businesses offset volatility in its oil-to-chemicals (O2C) segment.
The conglomerate’s consolidated revenue climbed 7.7% to Rs 2,67,186 crore ($31.2 billion), while EBITDA hit an all-time high of Rs 48,003 crore ($5.6 billion), rising 7.8% from the previous year.
Reliance Jio Platforms Ltd., the company’s telecom and digital services arm, posted a net profit of Rs 6,857 crore, up 25.9% year-over-year. Revenue surged 19.2% to Rs 38,750 crore, supported by subscriber additions and a higher average revenue per user (ARPU) of Rs 203.3.
Jio’s True5G network now has over 170 million subscribers, reinforcing its position as the world’s largest standalone 5G operator outside China.
Reliance Retail Ventures Ltd. (RRVL) also recorded steady gains, with net profit rising 10.1% to Rs 3,485 crore. Revenue increased 8.8% to Rs 90,333 crore, driven by strong festive-season demand and store expansions.
The company opened 779 new stores during the quarter, bringing its total to 19,102 outlets, while total footfalls reached 296 million. Digital and new commerce channels contributed 18% of total revenue.
Reliance’s O2C business, a key revenue driver, saw a modest 6% year-over-year revenue increase to Rs 149,595 crore, benefiting from higher volumes and increased domestic fuel sales.
However, EBITDA growth was muted at 2.4%, reflecting weaker refining margins.
Crude throughput at its Jamnagar refinery increased 8% year-over-year to 20.2 million metric tons, as the company optimized feedstock sourcing amid fluctuating global oil prices.
“The delivery of record EBITDA and PAT at a consolidated level for this quarter is a testament to the inherent strength and resilience of our businesses,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
With a net debt-to-EBITDA ratio of 0.60, RIL maintains a strong financial position. The company’s capital expenditure for the quarter stood at Rs 32,259 crore, with significant investments directed toward digital expansion, retail growth, and green energy initiatives.
