Mumbai: Reliance Industries Limited (RIL) has reported a remarkable financial performance for the year ended 31 March 2024 highlighted by Jio Platforms (JPL) crossing the Rs 20,000 crore mark in annual net profit. The company has also announced a dividend of Rs 10 per share.
As per the report for the fiscal year, RIL’s gross revenue reached Rs 1,000,122 crore (approximately $119.9 billion), marking a 2.6 per cent increase year-on-year. This growth was underpinned by robust performance across consumer businesses and upstream operations. Jio Platforms experienced a notable revenue increase of 11.7 per cent year-on-year, driven by significant subscriber growth of 42.4 million in both mobility and home segments, alongside improvements in average revenue per user (ARPU).
The company’s EBITDA for the year saw a 16.1 per cent increase year-on-year, reaching Rs 178,677 crore (approximately $21.4 billion), reflecting positive contributions from all key operational segments. Jio Platforms’ EBITDA rose by 12.8 per cent year-on-year, benefiting from higher revenue and margin improvements.
Depreciation expenses increased by 26.1 per cent year-on-year to Rs 50,832 crore (approximately $6.1 billion), primarily due to an expanded asset base across all businesses, heightened network utilization in the Digital Services sector, and ramped-up upstream production. Finance costs rose by 18.1 per cent year-on-year to Rs 23,118 crore (about $2.8 billion), attributed to higher liability balances and increased market interest rates. Tax expenses also grew by 26.2 per cent year-on-year to Rs 25,707 crore (around $3.1 billion), due to the utilisation of tax credits from the previous financial year. Consequently, profit after tax increased by 7.3 per cent year-on-year to Rs 79,020 crore (about $9.5 billion). The capital expenditure for the year amounted to Rs 131,769 crore (approximately $15.8 billion), focusing on pan-India 5G rollouts, retail infrastructure expansion, and new energy ventures, excluding spectrum-related costs.
For the fourth quarter, RIL reported gross revenue of Rs 264,834 crore (approximately $31.8 billion), up 10.8 per cent year-on-year, driven by double-digit growth in the O2C and consumer businesses.
Reliance Industries Ltd chairman and managing director Mukesh D. Ambani said, “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits.
Performance of the digital services segment has been boosted by the accelerated expansion of the subscriber base, supported by both mobility and fixed wireless services. With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones to leading the effort of producing AI-driven solutions, Jio has proved its capability to strengthen the nation’s digital infrastructure.
Reliance Retail continued to provide customers endless choices through its robust omnichannel presence. We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in the new commerce space.
Strong demand for fuels globally, and limited flexibility in refining systems worldwide, supported the margins and profitability of the O2C segment. The downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30 per cent of India’s domestic gas production.
We remain committed to our projects and initiatives, including those in the New Energy segment, which will bolster the company, and help it deliver sustainable growth for the future.”
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