Reliance Industries Limited has posted its financial results for the fourth quarter of the fiscal year 2023-24. Despite adversities in certain segments, the conglomerate managed to maintain its growth trajectory, supported by a recovery in its core oil and petrochemicals business and sustained thrust in its consumer-facing telecom and retail divisions.
Shares and Market Valuation
RIL witnessed a positive uptick in its share price following the announcement of its quarterly earnings, with the stock climbing nearly 1% on Tuesday. On the Bombay Stock Exchange (BSE), RIL shares advanced by 0.85% to reach ₹2986.05, while on the National Stock Exchange (NSE), they climbed 0.92% to ₹2987 apiece. The company’s market valuation stood at ₹2007346.55 crore.
Financial Highlights
For Q4FY24, RIL reported a consolidated net profit of ₹18951 crore, marking a marginal decline of 1.8% compared to the same period last year. In Q3, the firm had reported a net profit of ₹19,641 crore. However, this figure still marked one of the highest quarterly net profits ever achieved by the company. Revenue from operations witnessed a growth of 11.3% year-on-year, reaching ₹240715 crore.
Performance by Segment
Oil-to-Telecom
Despite challenges in the downstream chemical industry, RIL’s oil-to-chemicals (O2C) segment was resilient, with revenue rising by 10.9% year-on-year to ₹142634 crore. However, the segment’s EBITDA margin experienced a slight decline.
Oil and Gas
The oil and gas segment witnessed a significant revenue increase of 42% year-on-year, driven by higher volumes. EBITDA for the segment increased by 47.5%.
Telecom and Retail
Jio Platforms, RIL’s telecom arm, reported double-digit growth in revenue, profit and EBITDA. Reliance Retail Ventures also delivered a strong performance, with revenue from operations increasing by 9.8% year-on-year, due growth in consumer electronics and fashion & lifestyle segments.
Media
While the media business recorded a substantial increase in revenue from operations, it incurred a loss during the quarter, primarily due to continued investments in sports and digital verticals. However, the segment’s revenue growth was driven by an increase in advertising revenue across TV and digital platforms.
Reliance Chairman’s Remarks
Mukesh Dhirubhai Ambani, Chairman and Managing Director of Reliance Industries Ltd., expressed satisfaction with the company’s performance, highlighting its contributions to various sectors of the Indian economy and its achievement of multiple milestones, including crossing the ₹100000 crore threshold in pre-tax profits.
Comments of Shri Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited on RIL Q4 FY2023-24 #RILResults pic.twitter.com/B2uwRrAh5e
— Reliance Industries Limited (@RIL_Updates) April 22, 2024
