Reliance Industries reports consolidated result for the quarter ending in June

Mumbai: Reliance Industries (RIL) reported consolidated results for the quarter that ended June 30, 2024, with gross revenue at Rs. 257,823 crore ($30.9 billion), up 11.5 percent Year on Year (YOY). Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 2.0 percent YoY to Rs 42,748 crore ($5.1 billion), up 2.0 percent YoY. 

The company's quarterly profit after tax of JIO Platforms at Rs 5,698 crore and the quarterly profit after tax of RELIANCE Retail at Rs. 2,549 crore. The company's Q1 Q2 performance was also impressive, with gross revenue reaching Rs 257,823 crore (USD 30.9 billion), up 11.5 percent YoY, driven by O2C on higher oil and product prices and the Oil and Gas segment with strong growth in volumes. Steady growth in consumer businesses also contributed to the increase in revenue.

EBITDA increased by 2.0 percent YoY to Rs 42,748 crore ($5.1 billion), offset by weak O2C. JPL EBITDA increased 11.6 percent YoY primarily on account of healthy revenue growth and operating leverage. EBITDA for RRVLL increased by 10.5 percent led by an increase in footfalls and expansion of store footprint, streamlining operations and driving margin improvement.

O2C EBITDA was lower by 14.3 percent due to lower gasoline cracks (-30 percent) and lower downstream chemical deltas, particularly PE (-17 percent), PP (-16 percent), and integrated polyester margin (-15 percent). Oil and Gas segment EBITDA increased by 29.8 percent on account of higher volumes from KG D6.

Depreciation increased by 15.5 percent YoY to Rs 13,596 crore ($1.6 billion) on an expanded asset base across all businesses, higher network utilization in the digital services business, higher retail store count, and ramp-up in upstream production. 

Finance costs increased by 1.4 percent YoY to Rs 5,918 crore ($710 million) primarily due to higher interest rates. Tax expenses decreased YoY to Rs 5,786 crore (USD 694 million), while profit after tax decreased YoY to Rs 17,448 crore ($2.1 billion).

Capital expenditure for the quarter ended June 30, 2024, was Rs. 28,785 crore ($3.5 billion).