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O2C margin pressure from global oversupply
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Reliance Industries Ltd — Q1 FY24
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.
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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.
रिलायंस इंडस्ट्रीज का कुल कमाई (EBITDA) 42,000 करोड़ रुपये रहा, जो पिछले साल से 5.1% ज़्यादा है। यह बढ़ोतरी जियो (+17%), रिटेल (+34%) और अपस्ट्रीम (+47%) के अच्छे प्रदर्शन से हुई, जबकि O2C कारोबार में 23% गिरावट आई क्योंकि पिछले साल का असाधारण आधार खत्म हुआ। शुद्ध मुनाफा 6% घटकर 18,258 करोड़ रुपये रहा, क्योंकि डेप्रिसिएशन और ब्याज खर्च बढ़ा। जियो ने 92 लाख नए ग्राहक जोड़े और प्रति ग्राहक कमाई (ARPU) 2.8% बढ़कर 180.5 रुपये हुई। रिटेल में कमाई 19% और EBITDA 34% बढ़ा। 5G रोलआउट तय समय से पहले है और दिसंबर 2023 तक पूरे देश में पूरा होने की उम्मीद है। KG-D6 से गैस उत्पादन बढ़कर 30 MMSCMD हो रहा है। मुख्य जोखिम: दुनिया भर में पेट्रोकेमिकल मार्जिन कमज़ोर रहने और OPEC+ द्वारा उत्पादन कटौती से O2C कमाई पर दबाव पड़ सकता है।
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Jio Subscriber Additions
9.2M
+9.2M QoQ
Net customer additions in Q1 FY24, driven by 5G rollout and network leadership.
Jio ARPU
INR 180.5
+2.8% YoY
Average revenue per user per month, driven by higher data consumption.
Retail Footfalls
249M
+42% YoY
Quarterly footfalls across Reliance Retail stores, indicating strong customer engagement.
KG-D6 Gas Production
28.5 MMSCMD
+18% YoY
Current production level, on track to reach 30 MMSCMD in FY24.
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Guidance and risk preview
Management confirmed the 5G rollout is ahead of schedule and will be completed before end of calendar year 2023.
Petrochemical margins remain weak due to China supply overhang and subdued global demand, with PVC deltas down 35% YoY.
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