Reliance Industries delivered a record quarterly Ebitda of ₹62,409 crore on consolidated revenue of ₹3.6 lakh crore. The oil-to-chemicals segment anchored overall gains by contributing nearly 40% of group operational profit. However, retail Ebitda contracted 10.2% as digital commerce expenses and absorbed costs weighed on near-term returns. Jio Platforms bolstered the group's consumer performance with double-digit revenue expansion alongside rising data consumption.
Key points
Jio Platforms expanded its customer base to 542.4 million subscribers while 5G users reac…: Jio Platforms expanded its customer base to 542.4 million subscribers while 5G users reached 55.3% of the total.
Jio shares gained 28% over their ₹1,119 offer price in three sessions, lifting its price-…: Jio shares gained 28% over their ₹1,119 offer price in three sessions, lifting its price-to-earnings multiple to 42.
High inflation and inconsistent rural demand from a weak monsoon remain near-term threats…: High inflation and inconsistent rural demand from a weak monsoon remain near-term threats to consumer discretionary spending.
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RIL's consolidated revenue grew by 27.8% year-on-year to ₹3.6 lakh crore. Though Ebitda of ₹62,409 crore was the highest ever in any quarter so far, it rose at a slower pace of 23.9%, reflecting pressure on profitability due to the retail segment. The O2C business led the growth, with Ebitda surging 67.9% to ₹25,203 crore and accounting for nearly 40% of the group's total Ebitda compared with 30% in the year-ago quarter.
The Retail division's Ebitda declined 10.2% year-on-year to ₹6,120 crore in September quarter, with margins under pressure from digital commerce investments, higher input costs absorbed by the company and the shift in the festive calendar to December quarter. The management expects the full benefit of the festive season to reflect in the December quarter. However, elevated inflation and uneven rural demand due to weak monsoon may constrain discretionary consumption in the near term.
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