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Reliance Industries Ltd — Q4 FY24
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%).
bullish
high
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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.
रिलायंस इंडस्ट्रीज ने वित्त वर्ष 2024 में शानदार प्रदर्शन किया। कंपनी की कुल कमाई (EBITDA) 79,000 करोड़ रुपये रही, जो पिछले साल से 16% ज्यादा है। मुनाफा (PAT) भी 79,000 करोड़ रुपये रहा, जो 7.3% बढ़ा। जियो और रिटेल कारोबार ने सबसे ज्यादा योगदान दिया। जियो की कमाई 55,000 करोड़ रुपये (13% बढ़ोतरी) और रिटेल की 23,000 करोड़ रुपये (29% बढ़ोतरी) रही। तेल-रसायन कारोबार (O2C) की कमाई 62,393 करोड़ रुपये पर स्थिर रही, क्योंकि वैश्विक बाजार में मुनाफा कम था। गैस कारोबार (KG-D6) से कमाई 49% बढ़कर 20,191 करोड़ रुपये हो गई। कंपनी ने 48.18 करोड़ ग्राहक जोड़े और 10.8 करोड़ 5G यूजर बनाए। रिटेल में 1 अरब से ज्यादा लोगों ने खरीदारी की। आगे डिजिटल और रिटेल में बढ़ोतरी जारी रहेगी, लेकिन पेट्रोकेमिकल में कमजोरी जोखिम है।
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Sustained petrochemical margin weakness
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Jio Subscriber Base
481.8M
+10.9M QoQ
Net subscriber addition of 10.9 million in Q4, driven by 5G and JioBharat.
Jio ARPU
INR 181.7
flat QoQ
ARPU stable despite 30% of data traffic being free 5G promotional usage.
Retail Footfalls
1B+
+36% YoY
Annual footfalls crossed 1 billion, indicating strong customer engagement.
5G Subscribers
108M
+108M since launch
108 million subscribers migrated to Jio's True 5G, world's largest outside China.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
Jio 5G monetization runway
30% of data traffic on 5G is currently free; monetization offers a larger growth runway.
DROPPED
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.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Sustained petrochemical margin weakness
Global petrochemical deltas are at multi-decade lows due to supply overhang, which could pressure O2C earnings.
NEW RISK
Geopolitical volatility impacting energy business
OPEC+ production cuts, Middle East tensions, and Russia-Ukraine conflict create uncertainty in oil prices and refining margins.
NEW RISK
5G monetization delay
Analyst question on when 5G services will be charged; management did not provide a timeline, only cited 'larger runway'.
RISK GONE
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.
RISK GONE
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.
RISK GONE
O2C plant maintenance shutdown impact
Major shutdown of CDU, coker, FCCU, and ROGC units reduced throughput and profitability; similar events could recur.
RISK GONE
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.
🤫 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
Incremental development plan approved by government to add 4-5 million standard cubic meters per day of production.
Global petrochemical deltas are at multi-decade lows due to supply overhang, which could pressure O2C earnings.
View Risks →