Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,07,559 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹42,000 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Reliance Industries reported consolidated EBITDA of INR 42,000 crore, up 5.1% YoY, driven by strong performance in Jio (+17%), retail (+34%), and upstream (+47%), offsetting a 23% decline in O2C due to normalization from an exceptional base. Net profit fell 6% to INR 18,258 crore on higher depreciation and finance costs. Jio added 9.2 million subscribers, with ARPU rising 2.8% to INR 180.5, while retail saw 19% revenue growth and 34% EBITDA growth. The 5G rollout is ahead of schedule, targeting pan-India completion by December 2023. KG-D6 gas production is ramping up to 30 MMSCMD. Key risk: sustained weakness in global petrochemical margins and potential OPEC+ production cuts could pressure O2C earnings.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed the 5G rollout is ahead of schedule and will be completed before end of calendar year 2023.
- Production is ramping up and expected to reach 30 million standard cubic meters per day during FY24.
- Initial deployment of about a million JioBharat devices through own offering and OEM partners to target 2G-to-4G migration.
- Accelerating home broadband ambitions to connect 100 million homes in the quickest possible timeframe using JioFiber and JioAirFiber.
Risks flagged
- Petrochemical margins remain weak due to China supply overhang and subdued global demand, with PVC deltas down 35% YoY.
- Voluntary oil production cuts by OPEC+ could keep crude prices elevated, potentially impacting demand and refining margins.
- Net profit declined 6% YoY despite EBITDA growth, driven by higher depreciation and finance costs from accelerated capex.
- Global LNG prices have declined due to high storage and sluggish demand, potentially impacting KG-D6 realizations despite long-term contracts.
Key quotes
- We are on track to complete what is going to be the 5G rollout anywhere in the world, creating a pan-India coverage for a large country like India within just over 1 year.
- This is a unique go-to-market approach, where we have designed this instrument, which can be delivered at under INR 1,000 price point with respect to the phone.
- The profit after tax crossed INR 5,000 crores for the first time for JPL consolidated.
Research modules