14th October, 2024-
CONSOLIDATED RESULTS FOR QUARTER ENDED 30TH SEPTEMBER, 2024
QUARTERLY CONSOLIDATED REVENUE AT ₹ 258,027 CRORE ($ 30.8 BILLION), MARGINALLY HIGHER
QUARTERLY CONSOLIDATED EBITDA AT ₹ 43,934 CRORE ($ 5.2 BILLION), MARGINAL DECLINE
RECORD QUARTERLY PROFIT AFTER TAX^ OF JIO PLATFORMS AT ₹ 6,536 CRORE
QUARTERLY PROFIT AFTER TAX^ OF RELIANCE RETAIL AT ₹ 2,935 CRORE
Quarterly Performance (2Q FY25 vs 2Q FY24)
• Gross Revenue remained stable Y-o-Y at ₹ 258,027 crore ($ 30.8 billion).
o Oil to Chemicals (O2C) revenue improved with higher volumes and increased domestic
placement of products.
o Digital services revenue increased with the impact of revised telecom tariffs for mobility
services and scale-up of homes and digital services businesses.
o Lower gas price realizations led to 6% lower revenue in the Oil and Gas segment.
• EBITDA decreased by 2.0% Y-o-Y to ₹ 43,934 crore ($ 5.2 billion).
o EBITDA for Jio Platforms Limited (JPL) increased 17.8% Y-o-Y due to better subscriber mix,
digital services scale-up and revision in telecom tariffs.
o EBITDA margin for Reliance Retail Ventures Limited (RRVL) improved by 30 bps with
continued focus on streamlining of operations and calibrated approach in B2B.
o O2C EBITDA was lower by 23.7% on account of sharp decline in product margins. Fuel cracks
declined by nearly 50% Y-o-Y. Downstream chemical also declined with muted global demand
in a well-supplied market. RIL benefited due to superior ethane cracking economics driven by
sharp fall in ethane prices.
o Oil and Gas segment EBITDA increased by 11.0% on account of sustained volume growth and
one time provisioning towards decommissioning cost for Tapti field in Q2 FY 24.
• Depreciation increased by 2.3% Y-o-Y to ₹ 12,880 crore ($ 1.5 billion).
• Finance Costs increased by 5.0% Y-o-Y to ₹ 6,017 crore ($ 718 million), primarily due to higher debt.
• Tax Expenses decreased Y-o-Y to ₹ 5,936 crore ($ 708 million).
• Profit After Tax and Share of Profit/(Loss) of Associates & JVs decreased Y-o-Y to ₹ 19,323 crore ($
2.3 billion).
• Capital Expenditure for the quarter ended September 30, 2024, was ₹ 34,022 crore ($ 4.1 billion).
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “I am happy to note that during this quarter Reliance once again demonstrated the
resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and
Upstream business. This helped partially offset weak contribution from O2C business which was impacted
by unfavorable global demand-supply dynamics.
Growth in Digital Services was led by increased ARPU and improving customer engagement metrics
reflecting the strong value proposition of our services. The home broadband segment is witnessing
accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s broad spectrum
of offerings enables it to digitally empower every village, town and city in India as well as the country’s small
and medium scale enterprises. The digital services business continues to focus on innovative deep-tech
solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence to
all Indians.
The retail segment continues to increase its consumer touchpoints and product offerings across physical
and digital channels. The unique omni-channel retail model enables the business to service a wide range of
requirements of a vast, heterogenous customer base. The retail business continues to partner with renowned
domestic as well as global players, expanding its basket of quality product offerings. The focus on
strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and
years and sustain our industry-leading growth momentum.
The first of our New Energy Giga-factories is on-track to commence production of solar PV modules by the
end of this year. With a comprehensive range of renewable solutions including solar, energy storage systems,
green hydrogen, bio-energy and wind, the New Energy business is poised to become a significant contributor
to global clean energy transition.”
CONSOLIDATED JIO PLATFORMS LIMITED (“JPL”)
QUARTERLY REVENUE AT ₹ 37,119 CRORE, UP 17.7% Y-o-Y
QUARTERLY EBITDA AT ₹ 15,931 CRORE, UP 17.8% Y-o-Y
TOTAL SUBSCRIBER BASE WAS ~479 MILLION AS OF SEP’24, UP 4.2% Y-O-Y
STRONG 7.4% Y-O-Y INCREASE IN ARPU TO ₹ 195.1, FULL IMPACT OF TARIFF HIKE TO FLOW THROUGH IN THE
NEXT 2-3 QUARTERS
JIO FURTHER STRENGTHENS ITS LEADERSHIP IN 5G WITH 148 MILLION SUBSCRIBERS NOW TRANSITIONED TO 5G
AND CONTRIBUTING ~34% OF WIRELESS DATA TRAFFIC
PER CAPITA DATA CONSUMPTION INCREASED TO 31GB/ MONTH WITH HIGHER MIX OF 5G AND HOME USERS
ANOTHER RECORD QUARTER FOR HOME CONNECTS, JIO IS THE FASTEST GROWING FIXED WIRELESS OPERATOR
GLOBALLY WITH OVER 2.8 MILLION JIOAIRFIBER CONNECTIONS
Quarterly Performance (2Q FY25 vs 2Q FY24)
• Operating revenue (net of GST) growth primarily driven by partial impact of tariff hike and scale-up of
home and digital services businesses.
• Strong EBITDA growth led by healthy revenue growth.
• Healthy PAT growth due to increased revenue and operating leverage.
ARPU increased to ₹ 195.1 with the partial follow-through of the tariff hike and a better subscriber
mix. The full impact of the tariff hike will flow through in the next 2-3 quarters.
• Engagement levels continued to remain strong with total data and voice traffic increasing by 24% and
6.4% Y-o-Y, respectively.
• Limited amount of SIM consolidation observed after the tariff hike, offsetting continued strength in
gross addition in 2Q FY25; monthly churn increased to 2.8%.
STRATEGIC PROGRESS
• Jio has reached 148 million subscribers on True5G in less than two years of launch and continues to
be the largest 5G operator outside China. Jio has transformed India from 5G-dark to 5G-bright through
unmatched spectrum holdings, 5G Standalone Architecture, and advanced technologies like Carrier
Aggregation and Network Slicing.
• JioAirFiber’s rapid uptake has significantly accelerated the pace of home connections, with ~2.8
million connected homes by JioAirFiber as of September 24. Jio’s pace of home connections is the
fastest of its kind globally. Scaling up distribution, continuous optimization of the onboarding process,
and technology edge would enable Jio to achieve the target of connecting 100 million homes in India
at record speed.
• At RIL’s 47th AGM, the Chairman unveiled Jio’s comprehensive suite of tools and platforms that span
the entire AI lifecycle, called JioBrain. JioBrain is helping RIL embed AI into several processes and
offerings, creating end-to-end workflows with real-time, data-driven insights and automation, which
helps deliver smarter and more responsive services to internal and external customers.
• To support Jio’s vision of ‘AI Everywhere for Everyone using Connected Intelligence’, Jio’s AI-Cloud
Welcome offer was introduced during the quarter. Under this offer, Jio users will get up to 100 GB of
free cloud storage to securely store and access all their photos, videos, documents, digital content,
and data.
• During the quarter, JioTV+ app was made available for free download on all leading Smart TVs without
Set Top Box or additional JioAirFiber/JioFiber connection. This JioTV+ 2-in-1 offer allows users to
connect multiple TVs with one connection and access 800+ Digital TV channels and 13+ OTT apps.
D. LEADERSHIP QUOTE
Mr. Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Right from inception, Jio has
focused on deep tech innovation to create customer and shareholder value. The ongoing
transformation created by Jio True5G and JioAirFiber in India’s digital landscape is a testament to
this approach. AI is creating the next runway for this transformation, and Jio is committed to
developing the world’s best AI ecosystem in India, for all Indians.
Jio is committed to delivering robust shareholder returns and has demonstrated strong uplift in
financial performance in the current quarter
CONSOLIDATED RELIANCE RETAIL VENTURES LIMITED (“RRVL”)
QUARTERLY REVENUE AT ₹76,302 CRORE, MARGINALLY DOWN
QUARTERLY EBITDA AT ₹ 5,850 CRORE, MARGINALLY UP
TOTAL FOOTFALL OF 297 MILLION ACROSS FORMATS; 464 NEW STORES OPENED
Quarterly Performance (2Q FY25 vs 2Q FY24)
• Business registered a revenue of ₹ 76,302 crore, down 1.1% Y-o-Y. Growth impacted by weak
Fashion and Lifestyle (F&L) demand, continued focus on streamlining of operations and calibrated
approach to B2B business to improve margins.
• Reported EBITDA at ₹ 5,850 crore which was up 0.3% Y-o-Y.
• EBITDA from operations was at ₹ 5,675 crore, up 1.0% Y-o-Y. EBITDA margin from operations at
8.5%, up 40 bps Y-o-Y.
• Depreciation for 2Q FY25 at ₹ 1,420 crore, up 1.5% Y-o-Y. Depreciation for 1Q FY25 was higher
due to accelerated depreciation for stores under closure.
Quarterly Performance
• The business opened 464 new stores. Total store count at 18,946 with area under operation at
79.4 million sq. ft.
• The quarter recorded footfalls of over 297 million, a growth of 14% Y-o-Y.
• The focus on scaling up Digital Commerce and New Commerce continued with these channels
contributing to 17% of total revenue.
• The registered customer base grew to 327 million, making Reliance Retail one of the most
preferred retailers in the country.
During the quarter, the business entered into exclusive partnerships with Delta Galil to expand
presence in lingerie and active wear categories; launched ASOS in India.
Consumer Electronics
• Digital stores maintained growth momentum led by a strong growth in average bill value. The
network of Digital stores crossed 650 stores.
• The business executed Digital India campaign successfully with a revenue uptick of 60% Y-o-Y as
the customers benefited from exciting consumer offers and wide selection of products to choose
from.
• resQ, the services business, delivered steady growth with service volume up 28% Y-o-Y. The on-
demand services are now operational in 150 cities.
• Own brand / PBG introduced several new products across categories even as it continued to grow
its merchant base which was up 2X Y-o-Y.
• JioMart Digital business growth was driven across categories. The business expanded its merchant
partners and consistently increasing the wallet share.
Fashion and Lifestyle
• The business remained focused on maintaining fashion newness in the stores which is helping its
engagement with customers. Business benefited from various marketing initiatives during regional
festivals like Onam, Ganesh Chaturthi and Pujo to drive footfalls and transactions.
• The Fashion and Lifestyle vertical has been scaling up new formats which continue to gain positive
traction with customers. Youth focused fashion retail format, Yousta, has crossed a milestone of
50 stores within its first year of launch.
• AJIO delivered steady performance as it expanded its product catalogue by over 25% Y-o-Y and
added over 1.8 million new customers. AJIO has been strengthening its portfolio through new
brands launches like ASOS, H&M, Timberland, to name a few.
Premium Brands business launched its first Armani Café to further strengthen its F&B portfolio.
Hamleys format continues to do well and is undertaking a focused international expansion.
• Ajio Luxe delivered strong growth with options count increasing by 28% Y-o-Y and brand portfolio
crossing 725 brands.
• Jewelry business delivered growth led by improvement in ABV and launch of 9 new collections
during the period.
Grocery
• Grocery delivered another quarter of steady growth led by Smart Bazaar and Smart stores.
• The business successfully executed Full Paisa Vasool Sale during the period as customers
continued to enjoy the wide choice of offers across categories. The business also registered
highest ever single day sales on Independence Day.
• The growth was broad based across categories led by growth in Confectioneries & Snacks (30%
Y-o-Y), fruits (26% Y-o-Y), apparel (49% Y-o-Y).
• Grocery New Commerce business continues its growth trajectory as Metro format strengthened its
engagement with Trader and HoReCa segments. The business executed multiple campaigns like
Freedom Sales, Mehangai Se Azadi, Metro Aayein Tyohaar Manayein to drive growth.
JioMart
• JioMart is scaling up quick commerce pilot by serving customers through own store network.
• The non-grocery categories continue to do well with AOV growing 2X Y-o-Y led by uptick in
consumer electronics.
• The option count continued to grow with its seller base growing by 46% Y-o-Y and option count up
by13% Y-o-Y giving customers access to a wider product catalogue to choose from.
Consumer Brands
• Consumer brands continue to deliver growth across categories with revenue from General Trade
growing 250%+ Y-o-Y. Many new products / markets were launched under its bouquet of brands
across categories.
C. LEADERSHIP QUOTE
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “Reliance Retail continues
to make investments in technology and infrastructure to build a strong foundation for future growth and
maintain market leadership. We continue to strengthen our customer proposition with innovative
products that spans everyday essentials to premium offerings. By continuously enhancing our
assortment and innovating across categories, we are creating a shopping experience that meets the
evolving needs of our customers and reinforces our leadership in the retail space”.
