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Reliance Industries Ltd — Q3 FY24
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).
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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.
रिलायंस इंडस्ट्रीज ने वित्त वर्ष 2024 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई (EBITDA) 44,700 करोड़ रुपये रही, जो पिछले साल से 17% ज्यादा है। मुनाफा 19,641 करोड़ रुपये (+11%) हुआ। रिटेल कारोबार में कमाई 31% और तेल-गैस में 50% बढ़ी। जियो ने 1.12 करोड़ नए ग्राहक जोड़े, कुल ग्राहक 47.1 करोड़ हो गए। हर ग्राहक से औसत कमाई (ARPU) 181.7 रुपये रही। 5G सेवा पूरे देश में शुरू हो गई है, 9 करोड़ ग्राहकों ने 5G अपनाया। रिटेल की आय 83,000 करोड़ रुपये (+23%) पार कर गई, दुकानों पर आने वालों की संख्या 40% बढ़ी। तेल-रसायन (O2C) कारोबार में कमाई सिर्फ 1% बढ़ी, क्योंकि रखरखाव के लिए कारखाना बंद रहा और वैश्विक मांग कमजोर है। कंपनी का खर्च (कैपेक्स) घटकर 30,000 करोड़ रुपये रह गया। चिंता की बात: दुनिया भर में रसायनों की अधिक आपूर्ति और चीन की कमजोर मांग से मुनाफा दबाव में है।
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Downstream chemical margins under pressure
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Jio Subscriber Net Additions
11.2M
+11.2M QoQ
Highest net additions in several quarters, taking total subscriber base to 471 million.
Jio ARPU
INR 181.7
+0.7% YoY
Slight increase due to subscriber mix, partially offset by free 5G trial usage.
Retail Footfalls Growth
40%
+40% YoY
Strong festive season drove record footfalls across formats.
KG-D6 Gas Production
30 MMscmd
+73% YoY
Ramp-up from MJ-1 field; now contributes 30% of India's domestic gas production.
What Changed vs Last Quarter
NEW
O2C margins to remain volatile but refining margins constructive
Management expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by global oversupply.
NEW
Retail margin expansion to continue via operating leverage
EBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.
NEW
Capex moderation to continue
Q3 capex at INR 30,000 crore, down from INR 39,000 crore in Q2; cash profits now exceed capex, supporting deleveraging.
NEW
New energy facilities to commence in phases from end of FY24
On track to start new energy production facilities in phases starting end of this fiscal year.
DROPPED
5G rollout completion by end of FY24
Management expects the fast-track 5G rollout to be completed by end of this year, with CapEx peaking in FY24.
DROPPED
KG-D6 production target of 30 MMSCMD
KG-D6 gas production is on track to reach 30 million standard cubic meters per day, representing ~30% of India's gas output.
DROPPED
Jio AirFiber to accelerate home broadband
AirFiber fixed wireless service is being rolled out across India, targeting north of 100 million premises rapidly.
DROPPED
Retail EBITDA margin expansion expected
Retail EBITDA margin improved 70 bps YoY to 8.1%, with operating leverage expected to drive further gains.
NEW RISK
Downstream chemical margins under pressure
Polymer and PVC deltas declined 4-17% YoY due to global oversupply and weak China demand; management expects continued pressure.
NEW RISK
Jio ARPU stagnation due to free 5G trial
ARPU remained flat sequentially at INR 181.7 as free 5G data usage offsets mix improvement; monetization timeline uncertain.
NEW RISK
O2C plant maintenance shutdown impact
Major shutdown of CDU, coker, FCCU, and ROGC units reduced throughput and profitability; similar events could recur.
NEW RISK
Gas price ceiling reduction
Ceiling price for KG-D6 gas fell from $12.12 to $9.96/MMBtu, partially offsetting volume gains; further cuts possible.
RISK GONE
Global demand weakness impacting O2C margins
Weak global demand and excess supply in petrochemicals could pressure O2C margins, especially in PE and PP.
RISK GONE
Gas price volatility from winter severity
Gas prices are sensitive to winter severity; a mild winter could lower prices, impacting upstream earnings.
RISK GONE
Competitive pressure in telecom from 5G
Competitors' 5G rollouts, though less extensive, could intensify competition; Jio's net adds remain positive but market dynamics could shift.
RISK GONE
Retail store expansion execution risk
Rapid store expansion (471 new stores in Q2) may strain operational efficiency and working capital if demand softens.
🤫 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.
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Guidance and risk preview
Management expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by...
Polymer and PVC deltas declined 4-17% YoY due to global oversupply and weak China demand; management expects continued pressure.
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