UARTERLY CONSOLIDATED REVENUE AT ₹ 257,823 CRORE ($ 30.9 BILLION), UP 11.5% Y-o-Y
QUARTERLY CONSOLIDATED EBITDA AT ₹ 42,748 CRORE ($ 5.1 BILLION), UP 2.0% Y-o-Y
RECORD QUARTERLY PROFIT AFTER TAX OF JIO PLATFORMS AT ₹ 5,698 CRORE
QUARTERLY PROFIT AFTER TAX OF RELIANCE RETAIL AT ₹ 2,549 CRORE
Quarterly Performance (1Q FY25 vs 1Q FY24)
• Gross Revenue was ₹ 257,823 crore ($ 30.9 billion), up 11.5% Y-o-Y, led by O2C on higher oil &
product prices and Oil & Gas segment with strong growth in volumes. Steady growth in consumer
businesses also contributed to increase in revenue.
• EBITDA increased by 2.0% Y-o-Y to ₹ 42,748 crore ($ 5.1 billion). Strong contribution from Oil & Gas
and consumer business offset weak O2C.
o JPL EBITDA increased 11.6% Y-o-Y primarily on account of healthy revenue growth and
operating leverage.
o EBITDA for RRVL increased by 10.5% led by increase in footfalls and expansion of store
footprint, streamlining of operations driving margin improvement.
o O2C EBITDA was lower by 14.3% on account of lower gasoline cracks (-30%) and lower
downstream chemical deltas, particularly PE (-17%), PP (-16%) and integrated polyester
margin (-15%).
o Oil and Gas segment EBITDA increased by 29.8% on account of higher volumes from KG D6.
• Depreciation increased by 15.5% Y-o-Y to ₹ 13,596 crore ($ 1.6 billion) on expanded asset base
across all the businesses, higher network utilization in Digital Services business, higher retail store
count and ramp-up in upstream production.
• Finance Costs increased by 1.4% Y-o-Y to ₹ 5,918 crore ($ 710 million) primarily due to higher
interest rates.
• Tax Expenses decreased Y-o-Y to ₹ 5,786 crore ($ 694 million).
• Profit after tax decreased Y-o-Y to ₹ 17,448 crore ($ 2.1 billion).
• Capital Expenditure for the quarter ended June 30, 2024, was ₹ 28,785 crore ($ 3.5 billion).
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “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. Importantly, these businesses are contributing significantly to India’s
growth, providing vital energy and vibrant channels for digital and physical distribution of goods and
services.
The digital services business registered an impressive financial performance year-on-year, continuing its
positive growth momentum. Jio’s True 5G network, covering ~85% of India’s 5G capacity, continues to
attract users, while the fixed broadband offerings are witnessing increasing consumer traction both in
homes and enterprises. The attractive value proposition offered by Jio is enabling more Indians to
transition to next-gen data networks. This is further accelerating the digital revolution which is reshaping
communications, analytics and computing, media and entertainment and commerce in India. Jio is
committed to provide the best-quality state-of-the-art network at most affordable prices globally.
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.
The deep integration and flexibility built into our O2C business model helped mitigate the impact of
challenging operating environment. The business was impacted by lower fuel cracks with tepid global
demand and ramp-up of new refineries. The oil and gas segment continued its growth trajectory with
higher production, offsetting lower year-on-year gas price realizations.
Reliance has made significant progress on the implementation of New Energy Giga-factories. On
completion, these projects will provide India a world-class, integrated green energy ecosystem which can
propel the next leg of sustainable growth.”
CONSOLIDATED JIO PLATFORMS LIMITED (“JPL”)
QUARTERLY REVENUE AT ₹ 34,548 CRORE, UP 12.8% Y-o-Y
QUARTERLY EBITDA AT ₹ 14,638 CRORE, UP 11.6% Y-o-Y
TOTAL SUBSCRIBER BASE REACHES ~490 MILLION INCLUDING ~130 MILLION 5G USERS –
JIO IS THE LARGEST 5G OPERATOR OUTSIDE CHINA
JIO CONTINUES TO BUILD ON ITS MARKET LEADERSHIP WITH ~33% Y-O-Y INCREASE IN DATA TRAFFIC; 5G
ACCOUNTS FOR OVER 31% OF JIO’S WIRELESS DATA TRAFFIC
PER CAPITA DATA CONSUMPTION INCREASED TO 30.3GB / MONTH OR MORE THAN 1GB / DAY
JIO HAS BECOME THE LARGEST OPERATOR GLOBALLY IN TERMS OF DATA TRAFFIC
JIOAIRFIBER DRIVES THE HIGHEST EVER QUARTERLY HOME CONNECTS FOR JIO WITH OVER 1.1 MILLION NET ADDITIONS
Quarterly Performance (1Q FY25 vs 1Q FY24)
• Growth in Revenue from Operations was primarily driven by robust subscriber growth across
mobility and homes.
• Double-digit EBITDA growth primarily led by healthy revenue growth and operating leverage.
• Depreciation increase led by higher network utilisation and addition to the gross block.
• Increase in Finance cost was driven by higher leverage.
Jio continues to lead the industry and gain subscriber share with 8.0 million net additions in
1Q FY25. Monthly churn was 1.7%.
• ARPU was ₹ 181.7 with better subscriber mix, partially offset by increasing mix of promotional 5G
traffic being offered on an unlimited basis to subscribers and not charged separately.
• Engagement levels continued to remain strong with total data and voice traffic increasing by 32.8%
and 6.6% Y-o-Y, respectively
LEADERSHIP QUOTE
Mr. Akash M Ambani, Chairman of Reliance Jio Infocomm said “Ubiquitous, high-quality, affordable
internet is the backbone of Digital India and Jio takes pride in contributing to this. Our new prepaid
plans would foster industry innovation towards 5G and AI and drive sustainable growth. Jio with its
superior network and new service propositions would further build its market leadership with a
customer first approach.”
