Mumbai: Reliance Industries Ltd (RIL) saw an 11.5 percent rise in revenue, reaching ₹2.58 lakh crore for the fiscal first quarter (April-June) compared to the same period last year, driven by contributions from various segments.

Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 2 percent year-over-year to ₹42,748 crore. However, the company’s net profit (before minority interests) for the quarter ending June 30 fell by 4.5 percent to ₹17,445 crore, mainly due to higher depreciation expenses.

The EBITDA for RIL’s oil and gas sector grew by 30% due to increased production volumes. Operating profits for Jio Platforms Ltd and Reliance Retail Ltd also saw increases, rising by 11.6% and 10.5%, respectively.

“Consolidated EBITDA for the quarter improved from a year ago with strong contribution from Consumer and Upstream businesses offsetting weak O2C operating environment. Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses,” said Reliance Industries chairman and managing director Mukesh Ambani.

The Oil & Gas segment revenue for the quarter was up by 33.4% year-on-year (YoY) at ₹6,179 crore, primarily due to higher volumes, though partially offset by lower price realizations from KG D6 and CBM Field.

The Oil & Gas segment’s quarterly EBITDA increased to ₹5,210 crore, marking a 29.8% YoY rise. The EBITDA margin stood at 84.3% for Q1 FY25.

The Oil-to-Chemicals (O2C) segment revenue for the quarter rose by 18.1% YoY to ₹157,133 crore ($18.8 billion), driven by higher product prices, reflecting a ~9% increase in Brent crude oil prices, and higher volumes supported by strong domestic demand.

However, O2C segment EBITDA for Q1 FY25 decreased by 14.3% YoY to ₹13,093 crore ($1.6 billion) due to lower transportation fuel cracks, particularly a 30% YoY decline in gasoline cracks.

Reliance Retail’s gross revenue for the June 2024 quarter grew 8.1% YoY to ₹75,615 crore.

Reliance Retail’s quarterly EBITDA reached ₹5,664 crore, up 10.5% YoY, driven by increased footfalls, expansion of store footprint, and operational streamlining that improved margins.

Reliance Retail expanded its store network with 331 new store openings, bringing the total store count to 18,918, with an operational area of 81.3 million sq. ft. The quarter saw footfalls of over 296 million, an 18.9% YoY increase.

The registered customer base grew to 316 million, making Reliance Retail one of the most preferred retailers in the country. Total transactions recorded were 334 million, a 6.4% YoY increase.

Jio Platforms Ltd’s EBITDA rose to ₹14,638 crore, with its subscriber base growing to 489.7 million, adding 8 million users during the June quarter. Additionally, the company reported 130 million 5G users.

Jio’s net profit for the quarter grew 11.7% YoY to Rs 5,698 crore. Jio’s customer engagement levels continued to remain strong with total data traffic increasing by 32.8% to 44.1 billion GB, and voice traffic increasing 6.0% YoY to 1.42 trillion minutes

Jio is the largest 5G operator outside China with ~ 130 million 5G subscribers accounting for over 31% of Jio’s wireless data traffic.

Ambani noted, “The digital services business showed impressive year-on-year financial performance, maintaining its positive growth trajectory. Jio’s True 5G network now covers approximately 85% of India’s 5G capacity, continuing to attract users, while fixed broadband services are seeing growing consumer interest in both residential and enterprise sectors.”

“Retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets. With fast-paced expansion of its retail footprint, Reliance Retail continues to cement its position as the preferred retailer for millions of Indians. The digital and new commerce segments are also scaling up rapidly. Reliance Retail is focused not only on providing quality products to customers, but also on enhancing overall customer experience, both during and after sales,” he added.