The oil-to-chemicals division anchored the record quarter as elevated refining margins and throughput drove earnings sharply higher, complemented by steady telecom profit growth following Jio Platforms' massive public listing. However, overall consolidated operating margins shrank as retail earnings dropped nearly a quarter due to higher input costs and investments. Digital retail remained an active bright spot within consumer operations, with grocery arm JioMart expanding revenues by 42%.
Key points
Surge in refining margins solidified the traditional energy division as the primary drive…: Surge in refining margins solidified the traditional energy division as the primary driver of corporate profit expansion.
Heavy digital investments and absorbed commercial expenses continue to compress near-term…: Heavy digital investments and absorbed commercial expenses continue to compress near-term margins across consumer retail operations.
Telecom growth remains resilient with Jio Platforms adding users and boosting net profit…: Telecom growth remains resilient with Jio Platforms adding users and boosting net profit following India's largest market debut.
Sources checked by our analysis pipeline: 1
Reliance's consolidated profit, including its share of earnings from associates and joint ventures, jumped 33.8% year-on-year (YoY) to a record Rs 29,550 crore in the September quarter, compared with Rs 22,092 crore a year earlier.
Gross revenue surged 28% to an all-time high of Rs 3.62 lakh crore, while EBITDA climbed 23.9% to a record Rs 62,409 crore. Sequentially, profit rose 27.4% and EBITDA increased 15.4%.
The results came in the same week that Jio completed India's largest IPO, raising Rs 30,188 crore and making its stock market debut at a premium exceeding 21%.
While Reliance's refining business delivered a bumper quarter and Jio maintained strong operating momentum, retail and some other businesses faced pressure on profitability.
Here are five key takeaways from Reliance's September-quarter earnings.
1) Record profits put Reliance on course for a landmark year
Reliance reported its highest-ever quarterly EBITDA of Rs 62,409 crore, up from Rs 50,367 crore a year earlier, driven primarily by stronger refining margins. Profit before tax rose 32.6% to Rs 38,613 crore, while quarterly profit, including earnings from associates and joint ventures,…
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