Reliance to Report Q1 Earnings on July 19

12 Jul 2024 , 09:57 AM

Reliance Industries (RIL), an energy to telecom giant, announced late on Thursday that its board of directors will convene on Friday, July 19, to deliberate and accept its June quarter results.

On Thursday, the NSE saw the closing price of RIL’s shares drop by ₹3.40, or 0.11%, to ₹3,163.50.

The company run by Mukesh Ambani revealed a 2% decline in its consolidated net profit for the quarter that ended in March 2024, from ₹19,299 crore to ₹18,951 crore in the same period the previous year. From ₹2.16 lakh crore in the same quarter last year to ₹2.4 lakh crore in the reporting period, revenue from operations increased 11% year over year.

In the March quarter, the company’s operating profit (EBITDA) increased by 14% year over year to ₹47,150 crore, and its margins increased by 50 basis points to 17.8%.

Revenues grew by 6%, but the bottom line increased by 10% sequentially from quarter to quarter. “A remarkable contribution has been made to fostering the growth of various sectors of the Indian economy by initiatives across RIL’s businesses.” “I am delighted to announce that Reliance crossed the ₹1 lakh-crore pre-tax profit threshold this year, making it the first Indian company to do so,” stated RIL Chairman and MD Mukesh Ambani.

Double-digit increase in the consumer and O2C (oil-to-chemicals) segments bolstered the robust revenue growth.

Because of lower average liability levels, finance costs during the reporting quarter decreased 1% year over year to ₹5,761 crore ($691 million). The quarter’s capital expenditure came to a total of ₹23,207 crore.

Within the segment, the leading oil-to-chemicals business made significant progress during the quarter, with revenue rising 11% year over year to ₹1.42 lakh crore ($17.1 billion). Higher volumes and better realisation in the transportation fuel category were the key drivers of this.

Jio Platforms, the company’s digital division, saw operating revenue growth of 13% year over year to ₹28,871 crore. This increase was fueled by strong subscriber growth in both homes and mobility as well as the advantages of a better ARPU mix.

Reliance Retail Reliance continued to grow its revenue and earnings during the fiscal year, demonstrating a great performance. With a gross sales of ₹3.06 lakh crore for FY24, the company outperformed its previous year by 17.8%.

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