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Revenue
₹2,36,533 Cr
verified against source
Revenue YoY
2.6%
reported change
EBITDA
₹79,000 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 reported a strong FY24 with consolidated EBITDA of INR 79,000 crore (up 16% YoY) and PAT of INR 79,000 crore (up 7.3%). The consumer businesses (Jio and Retail) drove growth, with Jio's EBITDA up ~13% to INR 55,000 crore and Retail's EBITDA up 29% to INR 23,000 crore. O2C EBITDA was flat at INR 62,393 crore amid weak global margins, offset by operational flexibility and strong domestic demand. Oil & Gas EBITDA surged 49% to INR 20,191 crore on KG-D6 ramp-up. Management highlighted strong subscriber additions (481.8M), 5G leadership (108M 5G users), and retail footfalls exceeding 1 billion. Guidance points to continued growth in digital and retail, with capex moderating. Key risk: sustained weakness in petrochemical margins due to global oversupply.
Colored figures show movement against the previous available record.
Guidance to track
- Incremental development plan approved by government to add 4-5 million standard cubic meters per day of production.
- Management indicated capex intensity is lower and will be below cash profits, with net debt/EBITDA at 0.65x.
- 30% of data traffic on 5G is currently free; monetization offers a larger growth runway.
Risks flagged
- Global petrochemical deltas are at multi-decade lows due to supply overhang, which could pressure O2C earnings.
- OPEC+ production cuts, Middle East tensions, and Russia-Ukraine conflict create uncertainty in oil prices and refining margins.
- Analyst question on when 5G services will be charged; management did not provide a timeline, only cited 'larger runway'.
Key quotes
- We have crossed INR 75,000 crore in EBITDA, more than INR 100,000 crore in PBT, more than INR 2,000,000 crore in terms of market cap.
- Jio on its own today has the world's largest 5G subscriber base outside of China.
- Our EBITDA margins continue to expand. For the full year, the EBITDA from operations was at 8.1%, which is a 50 basis points year-on-year growth.
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