Reliance Industries' net profit down y-o-y by 1.8% in March quarter

23 Apr 2024 , 02:30 PM

Reliance Industries Ltd (RIL) reported a nearly 2% year-on-year decline in its consolidated net profits for the quarter ended March 31.

RIL posted a net profit of ₹18,951 Crore, compared to ₹19,299 Crore in the same period last year, with brokerages expecting profits around ₹18,300 Crore.

Revenue stood at ₹240,715 Crore, marking an 11.30% increase over the previous year.

Consumer-facing businesses, Jio Platforms Ltd (JPL) and Reliance Retail, witnessed double-digit revenue growth, while the oil-to-chemical (O2C) segment saw revenues rise by almost 11%.

Despite a 3% increase in EBITDA for the O2C segment during the quarter, segment revenue decreased by 5% for the year.

JPL recorded a 13.3% jump in revenues and sustained subscriber growth, adding 10.9 million net subscribers in the January-March quarter.

Sanjay Mashruwala, one of the managing directors at Reliance Jio, resigned during the quarter. Reliance Retail Ventures saw a 9.8% rise in revenues and an 18.5% increase in EBITDA, driven by growth in consumer electronics and fashion & lifestyle.

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