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Revenue
₹2,31,886 Cr
verified against source
Revenue YoY
0%
reported change
EBITDA
₹45,000 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Reliance Industries delivered a record consolidated EBITDA of INR 45,000 crore in Q2 FY24, up 30% YoY, driven by strong performance across all segments. Consumer businesses (Jio and Retail) posted robust growth, with Jio adding 11.1 million subscribers and Retail EBITDA growing 32% YoY. O2C benefited from firm fuel cracks and domestic demand, while Oil & Gas EBITDA surged 50% on KG-D6 ramp-up. Management guided for CapEx to peak in FY24 with 5G rollout completion by year-end, and expects continued earnings momentum in consumer businesses. Key risks include global demand weakness impacting O2C margins and potential gas price volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the fast-track 5G rollout to be completed by end of this year, with CapEx peaking in FY24.
- KG-D6 gas production is on track to reach 30 million standard cubic meters per day, representing ~30% of India's gas output.
- AirFiber fixed wireless service is being rolled out across India, targeting north of 100 million premises rapidly.
- Retail EBITDA margin improved 70 bps YoY to 8.1%, with operating leverage expected to drive further gains.
Risks flagged
- Weak global demand and excess supply in petrochemicals could pressure O2C margins, especially in PE and PP.
- Gas prices are sensitive to winter severity; a mild winter could lower prices, impacting upstream earnings.
- Competitors' 5G rollouts, though less extensive, could intensify competition; Jio's net adds remain positive but market dynamics could shift.
- Rapid store expansion (471 new stores in Q2) may strain operational efficiency and working capital if demand softens.
Key quotes
- It was a quarter of the EBITDA as a record that almost INR 45,000 crore, which is about $5.4 billion. It was up 30% year-on-year.
- More than 85% of the 5G cells deployed in the country today are from Jio.
- We had the best ever Independence Day sale, which was for consumer electronics, which recorded a 23% growth.
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