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Reliance Industries Ltd — Q1 FY25
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...
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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.
रिलायंस इंडस्ट्रीज की पहली तिमाही (Q1 FY25) में कुल कमाई ₹2,58,000 करोड़ रही, जो पिछले साल से 11.5% ज़्यादा है। मुनाफा (EBITDA) ₹42,748 करोड़ (+2%) रहा। जियो और रिटेल जैसे उपभोक्ता कारोबार और तेल-गैस ने अच्छा प्रदर्शन किया, लेकिन रिफाइनिंग और केमिकल (O2C) कारोबार कमज़ोर रहा। शुद्ध मुनाफा (PAT) 4.5% घटकर ₹17,500 करोड़ रहा, क्योंकि रिफाइनिंग मार्जिन कम हुआ। जियो ने 8 करोड़ नए ग्राहक जोड़े, लेकिन प्रति ग्राहक कमाई (ARPU) ₹181.7 पर स्थिर रही। रिटेल की कमाई 8% बढ़ी और मुनाफा मार्जिन 0.30% सुधरा। O2C का मुनाफा 14% गिरा। कंपनी ने जुलाई से टैरिफ बढ़ोतरी और 5G अपनाने पर जोर दिया। जोखिम: वैश्विक रिफाइनिंग मार्जिन कमज़ोर रहा तो O2C पर दबाव बढ़ सकता है।
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O2C margin volatility
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Read Transcript →Quarter Snapshot
Jio Subscriber Base
489.7M
+8M QoQ
Net addition of 8 million subscribers in the quarter, reaching 489.7 million total.
Jio ARPU
INR 181.7
Flat QoQ
ARPU remained flat sequentially due to promotional 5G offers; tariff hike post-quarter.
Retail Footfalls
296M
+19% YoY
Footfalls grew 19% year-on-year, driven by grocery and consumer electronics.
KG-D6 Gas Production
29 MMSCMD
+44% YoY
KG-D6 gas production rose 44% YoY to 29 million standard cubic meters per day.
What Changed vs Last Quarter
NEW
Tariff hike benefits from July 2024
Jio implemented tariff increases of 13-25% from July 3, 2024, expected to improve ARPU and revenue in coming quarters.
NEW
CBM production ramp-up
40-well multilateral program to add 0.5 MMSCMD of gas by year-end, with 21 wells already completed.
NEW
Retail margin improvement focus
Streamlining operations and tech investments expected to sustain margin improvement; EBITDA margin up 30 bps YoY.
DROPPED
KG-D6 incremental production of 4-5 mmscmd in a few years
Incremental development plan approved by government to add 4-5 million standard cubic meters per day of production.
DROPPED
Capex to remain below cash profits
Management indicated capex intensity is lower and will be below cash profits, with net debt/EBITDA at 0.65x.
DROPPED
Jio 5G monetization runway
30% of data traffic on 5G is currently free; monetization offers a larger growth runway.
NEW RISK
O2C margin volatility
Global refining margins remain weak due to new capacity and muted demand; gasoline cracks down 30% YoY.
NEW RISK
Discretionary demand slowdown
Fashion and lifestyle segment saw tepid demand; analyst raised concern about consumer spending weakness.
NEW RISK
Geopolitical disruptions
Red Sea tensions and Middle East instability could impact freight and supply chains, affecting O2C margins.
RISK GONE
Sustained petrochemical margin weakness
Global petrochemical deltas are at multi-decade lows due to supply overhang, which could pressure O2C earnings.
RISK GONE
Geopolitical volatility impacting energy business
OPEC+ production cuts, Middle East tensions, and Russia-Ukraine conflict create uncertainty in oil prices and refining margins.
RISK GONE
5G monetization delay
Analyst question on when 5G services will be charged; management did not provide a timeline, only cited 'larger runway'.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24
KG-D6 gas production is on track to reach 30 million standard cubic meters per day, representing ~30% of India's gas output.
Mentioned in Q2 FY24, Q3 FY24
EBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.
Fast read
Guidance and risk preview
Jio implemented tariff increases of 13-25% from July 3, 2024, expected to improve ARPU and revenue in coming quarters.
Global refining margins remain weak due to new capacity and muted demand; gasoline cracks down 30% YoY.
View Risks →