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Revenue
₹2,25,086 Cr
verified against source
Revenue YoY
3%
reported change
EBITDA
₹44,700 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 strong Q3 FY24 with consolidated EBITDA of INR 44,700 crore (+17% YoY) and net profit of INR 19,641 crore (+11% YoY), driven by robust performance in Retail (EBITDA +31% YoY) and Oil & Gas (EBITDA +50% YoY). Jio added 11.2 million net subscribers (total 471 million) with ARPU at INR 181.7, while 5G rollout completed pan-India with 90 million migrated users. Retail revenue crossed INR 83,000 crore (+23% YoY) with footfalls up 40%. O2C EBITDA was flat (+1%) despite a major maintenance shutdown and weak downstream margins. Management highlighted strong domestic demand and moderating capex (INR 30,000 crore in Q3 vs INR 39,000 crore in Q2). Key risk: downstream chemical margins remain pressured due to global oversupply and tepid China demand.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by global oversupply.
- EBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.
- Q3 capex at INR 30,000 crore, down from INR 39,000 crore in Q2; cash profits now exceed capex, supporting deleveraging.
- On track to start new energy production facilities in phases starting end of this fiscal year.
Risks flagged
- Polymer and PVC deltas declined 4-17% YoY due to global oversupply and weak China demand; management expects continued pressure.
- ARPU remained flat sequentially at INR 181.7 as free 5G data usage offsets mix improvement; monetization timeline uncertain.
- Major shutdown of CDU, coker, FCCU, and ROGC units reduced throughput and profitability; similar events could recur.
- Ceiling price for KG-D6 gas fell from $12.12 to $9.96/MMBtu, partially offsetting volume gains; further cuts possible.
Key quotes
- We are one year, nearly one year, in fact, a shade over one year into the rollout of our True 5G services. As Srikanth alluded to in his opening remarks, nearly 90 million subscribers have already migrated to 5G on our network.
- Our gross revenue crossed INR 83,000 crore, a revenue growth of 23% on a YoY basis. EBITDA grew at a healthy 31%, and came at INR 6,258 crore, while profit after tax grew 32%.
- Overall, I think, cash flows remain strong, balance sheet remains strong, and, moderating CapEx, you may have seen that, CapEx in this quarter at about INR 30,000 crore is, significantly lower than the previous quarter, as well as what it was year-on-year.
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