Reliance / Q1-FY25

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Watch2024-07-19Back to RELIANCE

Revenue

₹2,31,784 Cr

verified against source

Revenue YoY

11.5%

reported change

EBITDA

₹42,748 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
8 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 42,000 · Positive source sentiment · 2023-07-21Q1 FY24Q2 FY24: 45,000 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 44,700 · Positive source sentiment · 2024-01-19Q3 FY24Q4 FY24: 79,000 · Positive source sentiment · 2024-04-22Q4 FY24Q1 FY25: 42,748 · Watch source sentiment · 2024-07-19Q1 FY25Q2 FY25: 44,000 · Watch source sentiment · 2024-10-14Q2 FY25Q1 FY26: 58,000 · Positive source sentiment · 2025-07-18Q1 FY26Q2 FY26: 50,000 · Positive source sentiment · 2025-10-15Q2 FY2679,00042,000
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Reliance Industries reported a mixed Q1 FY25 with consolidated revenue of INR 258,000 crore (+11.5% YoY) and EBITDA of INR 42,748 crore (+2% YoY), as strong performance in consumer businesses (Jio and Retail) and upstream (Oil & Gas) offset a sharp decline in O2C. PAT fell 4.5% to INR 17,500 crore due to weak refining margins. Jio added 8 million subscribers, with ARPU flat at INR 181.7, while Retail saw 8% revenue growth with margin expansion of 30 bps. O2C EBITDA dropped 14% YoY on lower gasoline and polymer cracks. Management highlighted tariff hike benefits from July and continued 5G adoption. Key risk: sustained weakness in global refining margins and geopolitical disruptions could pressure O2C earnings further.

Colored figures show movement against the previous available record.

Guidance to track

  • Jio implemented tariff increases of 13-25% from July 3, 2024, expected to improve ARPU and revenue in coming quarters.
  • 40-well multilateral program to add 0.5 MMSCMD of gas by year-end, with 21 wells already completed.
  • Streamlining operations and tech investments expected to sustain margin improvement; EBITDA margin up 30 bps YoY.

Risks flagged

  • Global refining margins remain weak due to new capacity and muted demand; gasoline cracks down 30% YoY.
  • Fashion and lifestyle segment saw tepid demand; analyst raised concern about consumer spending weakness.
  • Red Sea tensions and Middle East instability could impact freight and supply chains, affecting O2C margins.

Key quotes

  • The growth in consumer business and strong upstream offset weak O2C.
  • We are the only operator who is running 5G across low band, mid band, and high band, 700, 3,300 GHz, and 26 GHz, which gives us unique advantages like carrier aggregation and standalone network.
  • Overall, energy market volatility is something that we have been seeing for various set of reasons. However, we do think that the structural business dynamics remains constructive.

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