RIL Q1 PAT declines 4% to ₹17,448 crore on higher depreciation
The Hindu
Reliance Industries Ltd. (RIL) reports 4% decline in Q1 net profit, with strong revenue growth in key segments.
Reliance Industries Ltd. (RIL) reported first-quarter consolidated net profit declined 4% to ₹17,448 crore from the year-earlier period, largely due to higher depreciation.
“Consolidated revenue for the quarter ended June 30, 2024 increased 11.5% year on year (YoY) to ₹2,57,823 crore led by higher oil prices and volumes in O2C [Oil to Chemicals] and oil and gas segments with steady growth in consumer businesses,” the company said in a regulatory filing.
For the quarter ended June, the company reported capital expenditure of ₹28,785 crore. Consolidated net debt as of June 30, 2024 was marginally lower at ₹1,12,341 crore as against ₹1,16,281 crore as of March 31, 2024.
“Consolidated EBITDA [at ₹42,748 crore, up 2% YoY] for the quarter improved from a year ago with strong contribution from consumer and upstream businesses offsetting weak O2C operating environment,” Chairman and Managing Director Mukesh D. Ambani said in a statement.
“Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services,” he added.
Jio Platforms reported net profit for the quarter grew 11.7% YoY to ₹5,698 crore. The average revenue per user (ARPU) came in at ₹181.7 with better subscriber mix, partially offset by increasing mix of promotional 5G traffic being offered on an unlimited basis to subscribers and not charged separately, the company said.
Reliance Retail reported gross revenue of ₹75,615 crore, up 8.1% YoY. Its quarterly EBITDA at ₹5,664 crore was a 10.5% YoY growth, led by an increase in footfalls and expansion of store footprint, besides streamlining of operations driving margin improvement. The company’s O2C segment reported revenue growth of 18.1% YoY to ₹1,57,133 crore primarily on account of higher product prices, tracking a 9% increase in Brent crude oil prices, and higher volumes supported by strong domestic demand, the company said.