Reliance Industries Q4 results: Net profit remains flat at ₹21,243 crore, gross revenue up nearly 11% YoY

Billionaire Mukesh Ambani-led oil to telecom conglomerate Reliance Industries Ltd (RIL) on Monday, April 22, reported nearly 11% year-on-year growth in consolidated gross revenue in the March quarter of the financial year 2023-24 (Q4FY24), while the net profit remained almost unchanged.

The company’s net profit in Q4FY24 stood at ₹21,243 crore, up 0.01% against ₹21,227 crore in the year-ago quarter. Consolidated gross revenue increased 10.8% YoY to ₹ 2,64,834 crore in the March quarter of FY 2023-24 against ₹ 238,957crore in the March quarter of FY23.

For the entire financial year 2023-24, Reliance Industries reported a profit after tax of ₹ 79,020 crore as against ₹73,670 crore in the preceding financial year. Its revenue rose 2.6% to ₹10 lakh crore in 2023-24 from ₹9.74 lakh crore in 2022-23. RIL became the first Indian company to hit ₹10 lakh crore turnover in FY24.

Following the result announcement, Reliance Industries shares dropped on Tuesday. The stock was trading at ₹2935 apiece, down 0.83%, on the NSE at 2:30 pm after the oil-to-telecom giant’s net profit for the quarter ending March 31, 2024, remained almost flat.

Strong operational performance

RIL’s EBITDA increased 14.3% year-on-year to ₹47,150 crore with strong contributions from all businesses, the company said in a statement. Jio Platforms Ltd EBITDA increased 12.5% YoY with higher revenue driven by sustained momentum in subscriber additions. Oil and Gas segment EBITDA increased sharply by 47.5%, led by 66.4% higher gas and condensate production from KG D6 block.

RIL Chairman and Managing Director Mukesh Ambani said, “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. All segments have posted a robust financial and operating performance.” “Reliance became the first Indian company to cross the ₹1,00,000-crore threshold in pre-tax profits,” he added.

Sustained growth across segments

Its mainstay oil to chemical business revenue rose to ₹1,42,634 crore in March quarter from ₹1,28,634 crore in Q4FY23. Oil to gas business reported ₹6,468 crore turnover in March quarter against ₹4,556 crore a year ago. Retail business revenue rose to ₹76,683 crore from ₹ 69,275 crore while digital business revenue stood at ₹34,741 crore in Q4FY24 against ₹31,375 crore in the year ago period. Other business segments reported ₹31,099 core revenue in Q4 against ₹33,040crore a year ago.

Dividend

The company’s Board of Directors also recommended a dividend of ₹10 per fully paid up equity share of ₹10 each for the financial year ended March 31, 2024.

Reliance Jio posts 13% jump in Q4 profit

Reliance Jio reported a 13% jump in standalone net profit to ₹5,337 crore in the March quarter compared to ₹4716 crore in Q4 of FY23. Revenue from operations rose by 11% to ₹25,959 crore in the March quarter compared to the year ago period. For the full year FY24, the net profit stood at ₹20,466 crore, up by 12.4% than FY23. Revenue was ₹1,00,119 crore, up 10.2 per cent over the previous fiscal.