Mumbai: Reliance Industries Ltd (RIL) today announced the results for Q4 FY2023-24, with a 0.1 percent surge in net profit, reaching Rs 21,243 crore for the fiscal fourth quarter compared to the same period last year.

Annual revenue at Reliance Industries increased by 2.6 percent to Rs 10 lakh crore, supported by expansions in consumer and upstream sectors, which counterbalanced a decrease in oil-to-chemicals (O2C) revenues due to a 13.5% year-over-year decrease in average Brent crude prices. EBITDA surged by 16.1 percent to Rs 1.79 lakh crore for the fiscal year ending March 31.

The board of the company endorsed a dividend disbursement of Rs 10 per share. The profit allocated to the company’s owners stood at Rs 18,951 crore in the fourth quarter, a decrease from Rs 19,299 crore in the previous year.

As per an exchange filing on April 22, the company disclosed revenue of Rs 2.41 lakh crore for the three months concluded on March 31.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. 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% of India’s domestic gas production.”

For the quarter ending on March 31, consolidated EBITDA increased by 14.3% to Rs 47,150 crore compared to the corresponding period last year.

The company’s four primary segments—O2C, Oil & Gas, Retail, and Jio—all demonstrated robust operational performance.

The resilient performance of the oil-to-chemicals segment resulted from strategic sourcing of feedstock and strong domestic market demand, which helped alleviate margin pressures.

The oil and gas segment achieved a substantial growth of 47.5% compared to the previous year.

Retail business EBITDA grew by 18.5% to Rs 5,829 crore compared to the previous year.

During the fourth quarter, Reliance Jio attracted 10.9 million new subscribers.

The rapid deployment of the 5G network by Reliance Jio significantly contributed to subscriber growth, with more than 108 million users transitioning to 5G.

RIL’s capital expenditure of Rs 23,207 crore in the fourth quarter was entirely covered by a cash profit of Rs 37,769 crore. DeshGujarat