Oil-to-telecom conglomerate Reliance Industries (RIL) has achieved “multiple milestones” in the financial year 2023-24, with its consolidated gross revenue crossing the ₹10,00,000 crore mark for the first time, while its pre-tax profits also breached ₹100,000 crore level. “I am happy to share that this year, Reliance became the first Indian company to cross the ₹100,000 crore threshold in pre-tax profits,” says Mukesh D. Ambani, chairman and MD, Reliance Industries.
For the full financial year 2024, RIL clocked a consolidated gross revenue of ₹1,000,122 crore, up 2.6% year-on-year (YoY), aided by continued growth momentum in consumer businesses and upstream business. The profit after tax (PAT) increased by 7.3% YoY to ₹79,020 crore as compared to ₹73,670 crore in FY23, the country’s most valued firm said in an exchange filing on April 22.
During the year under review, the profit before tax (PBT) hit a record high of ₹1,04,727 crore, up 11.35% from ₹94,046 crore reported in the fiscal FY23.
On the operating front, the EBITDA increased by 16.1% YoY to ₹178,677 crore in FY24, supported by positive contributions from all key operating segments. The margin improved by 210 basis points to 17.9% from 15.8% in the last fiscal.
The capital expenditure for the year ended March 31, 2024, was ₹131,769 crore with investments in pan-India 5G roll-out, expansion of retail infrastructure and new energy business. This excludes the amount incurred towards spectrum and is adjusted for capital advances and regrouping of assets, RIL said in a release.
As of March 31, 2024, the outstanding debt of RIL stood at ₹1.16 lakh crore as compared to ₹1.25 lakh crore in the last fiscal. The net debt-to-equity ratio improved to 0.65% from 0.82% in the previous fiscal.
Segment wise, gross revenue for Jio Platforms, the technology arm of RIL, increased by 11.7% YoY to ₹1.28 lakh crore in FY24, led by robust subscriber growth of 42.4 million across mobility and homes and benefit of mix improvement in average revenue per user (ARPU). The ARPU was ₹181.7 with better subscriber mix partially offset by increasing mix of promotional 5G traffic, offered unlimited to subscribers and not yet charged separately.
In the consumer business, Reliance Retail Ventures delivered resilient performance with another year of strong revenue growth and profit. The company generated gross revenue of ₹3.06 crore in FY24, up 17.8% YoY, while EBITDA stood at ₹23,040 crore, higher by 28.5% YoY compared to the previous fiscal.
The Oil to Chemicals (O2C) revenue decreased by 5% to ₹5.64 lakh crore primarily on account of lower product price realisation following a 13.5% YoY decline in average Brent crude oil prices. This was partially offset by higher volumes, with production meant for sale (total production adjusted for captive consumption) rising to 67.8 MMT (million metric tonnes) versus 66.4 MMT in FY23.
The gross revenue from oil & gas segment increased significantly by 48% to ₹24,439 crore mainly on account of higher volumes from KG D6 block (56.8%), despite lower gas price realisation from KG D6 field. The average price realised for KG D6 gas declined in line with falling trend in international gas prices to $10.1 per MMBTU (Metric Million British Thermal Unit) in FY24 vis-a-vis $10.6 per MMBTU in FY23.
Meanwhile, the media business also reported one of the strongest performances, with operating revenue for the year growing by 49.4% YoY to ₹9,297 crore, driven by strong growth across all segments. The News business revenue was up 19% YoY, while Viacom18 clocked 62% YoY growth in its income. Sports was the biggest driver of revenue growth for Viacom18 while News revenue growth was driven by both TV network and Digital platforms, as per the company.
The board of RIL has also recommended a dividend of ₹10 per equity share of ₹10 each for the financial year ended March 31, 2024.
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