Net profit of Reliance Industries declined 11% year-on-year to ₹16,011 crore for the quarter ended June. India's largest company by market cap reported a profit of ₹17,955 crore in the year-ago quarter.

The company's consolidated revenue from operations dropped 5.3% year-on-year to ₹2.11 lakh crore for the first quarter as against ₹2.22 lakh crore in the corresponding quarter a year ago.

The conglomerate's board recommended a dividend payout of ₹9 per equity share, subject to the approval of the shareholders.

EBITDA increased by 5.1% year-on-year to ₹ 41,982 crore, the company says in a statement. EBITDA growth was led by consumer and upstream businesses, which offset the decline in oil-to-chemicals (O2C) earnings, the statement says.

"O2C earnings were lower due to a sharp fall in fuel cracks from exceptionally high levels in 1Q FY23. Higher subscriber base and customer engagement led revenue and profitability growth for Digital Services. Retail earnings reflect expanded footprint and improved profitability with operating leverage. Higher production and realisations contributed to growth in Oil & Gas EBITDA," the company says.

"Retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls. The contribution of Digital and New Commerce initiatives is scaling up, delivering value to consumers and providing synergistic benefits to merchant partners," says Mukesh Ambani, chairman and managing director of Reliance Industries.

"The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place. I firmly believe that Jio Financial Services is uniquely positioned to foster financial inclusion in India," Ambani says.

O2C business delivered a resilient performance despite continuing global macro headwinds, says the RIL chairman. Commencement of MJ field operations during the quarter will enhance India's energy security, with total production from the KGD6 block rising to around 30 MMSCMD in the coming months, he adds.

Reliance Jio's net profit grew 12% year-on-year to ₹4,863 crore in Q1 FY24 as against ₹4,335 crore reported in the same period last year. Jio continued to lead the industry's net subscriber addition with 9.2 million adds in Q1 FY24. Monthly churn also reduced to 1.8% during the quarter and average revenue per user (ARPU) increased 2.8% year-on-year driven by better subscriber mix and ramp-up of wireline business.

"Reliance's strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments. Jio's wide range of quality offerings at affordable price points has enabled strong growth in subscriber base, which reflects in the financial performance of the digital services business," says Ambani.

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