Net sales (including other operating income)
of Reliance Industries has increased 6.62% to Rs 239986 crore. Sales of Oil and Gas segment has gone down
5.19% to Rs 6,370.00 crore (accounting for 2.14% of total sales) led by
marginally lower KGD6 volumes and fall in price realisations for CBM and
condensate. Sales of Digital Services segment has gone up 18.74% to Rs
39,733.00 crore (accounting for 13.32% of total sales) due to continuing flow
through of tariff revisions for mobility services, and healthy growth in homes
and digital services businesses. Sales
of Oil to Chemicals (02C) segment has gone up 6.02% to Rs 149,595.00 crore
(accounting for 50.15% of total sales) with higher volumes and increased
domestic product placement. Planned shutdown of major units during the same
quarter last year impacted volumes. Sales of Retail segment has gone up 8.80%
to Rs 90,351.00 crore (accounting for 30.29% of total sales) with growth across
consumption baskets driven by festive buying and wedding season. Sales of Others segment fell 1.92% to Rs
12,236.00 crore (accounting for 4.10% of total sales). Inter-segment sales rose
Rs 28,634.00 crore to Rs 31,099.00 crore.
Operating profit margin has jumped from 18.06%
to 18.25%, leading to 7.71% rise in operating profit to Rs 43,789.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 42.21% to 40.21%. Purchase of finished goods cost fell from
24.70% to 24.27%. Employee cost
increased from 2.69% to 2.92%. Other
expenses rose from 13.06% to 14.73%.
Other income rose 8.92% to Rs 4214
crore. PBIDT rose 7.81% to Rs 48003
crore. JPL PBIDT increased by 18.8% YoY driven by higher subscriber base,
improving ARPU and favorable mix. RRVL PBIDT increased by 9.5% with improved
operational efficiencies and superior store operating metrics. O2C PBIDT
increased by 2.4% supported by higher volumes and operational flexibility.
Efficient feedstock sourcing, higher domestic product placement and improved
polymer deltas offset weak fuel cracks. Oil and Gas segment PBIDT decreased by
4.1% largely on account of decline in volumes and price realisations.
Provision for interest rose 6.74% to Rs 6179
crore primarily due to higher debt balance. However, net debt remained largely
flat. PBDT rose 7.97% to Rs 41824 crore.
Provision for depreciation rose 2.15% to Rs 13181 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 10.80% to Rs 32,729.00 crore. PBIT of Others segment fell 38.04% to Rs
114.00 crore (accounting for 0.35% of total PBIT). PBIT of Oil and Gas segment rose 2.58% to Rs
4,222.00 crore (accounting for 12.90% of total PBIT). PBIT of Digital Services segment rose 22.62%
to Rs 10,252.00 crore (accounting for 31.32% of total PBIT). PBIT of Oil to Chemicals (02C) segment rose
6.89% to Rs 12,819.00 crore (accounting for 39.17% of total PBIT). PBIT of Retail segment rose 8.97% to Rs
5,322.00 crore (accounting for 16.26% of total PBIT).
PBIT margin of Others segment fell from 1.47%
to 0.93%. PBIT margin of Oil and Gas
segment rose from 61.26% to 66.28%. PBIT
margin of Digital Services segment rose from 24.99% to 25.80%. PBIT margin of Oil to Chemicals (02C) segment
rose from 8.50% to 8.57%. PBIT margin of
Retail segment rose from 5.88% to 5.89%.
Overall PBIT margin rose from 10.67% to 10.97%.
Profit before tax grew 10.88% to Rs 28,643.00
crore. Share of profit/loss was 17.65%
lower at Rs 126 crore. Provision for tax
was expense of Rs 6839 crore, compared to Rs 6345 crore. Effective tax rate was 23.77% compared to
24.42%.
Minority interest increased 42.68% to Rs
3,390.00 crore. Net profit attributable
to owners of the company increased 7.38% to Rs 18,540.00 crore.
Capital Expenditure for the quarter ended
December 31, 2024, was Rs 32,259 crore.
Promoters’ stake was 49.11% as of 31 December
2024 ,compared to 49.11% as of 31 December 2023.
Commenting
on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “The previous month commemorated the 25th anniversary of
our Jamnagar refinery. It gives me great pleasure to see Reliance grow
exponentially over the years and set new benchmarks that demonstrate the
inherent strength and resilience we have across all our businesses. The
delivery of record EBITDA and PAT at a consolidated level for this quarter is a
testament to this.
Robust growth in digital services business
was led by sustained subscriber addition and consistent improvement in customer
engagement metrics. This was well supported by a favorable subscriber mix, with
an increasing number of users upgrading to 5G networks. Jio’s compelling
offering of home broadband services also continued to rapidly gain ground and
maintain its pre-eminent market position. It gives me immense joy to see Jio
grow and support the expanding technology capabilities of new India. Teams at
Jio continue to enhance its offerings, in line with the constantly evolving
technology landscape to bring the best-in-class digital experience to all.
Retail segment delivered a strong
performance, with noteworthy contribution from all formats. The business ably
capitalized on the pick-up in consumption amid festive demand during the
quarter. A superior understanding of customer needs and preferences enables
Reliance Retail to serve a wide variety of demographic profiles with the right
product, at the right time, through the right channel. With customer-centric
innovation at its core, the business constantly endeavors to enhance the shopping
experience of its customers through its vast reach and a constantly expanding
product basket.
The O2C business showcased its innate
resilience, registering growth even in this prolonged period of volatility in
the global energy markets. Refining margins recovered sequentially, with
petrochemical deltas exhibiting a mixed trend. Upstream segment continues to
play a pivotal role in providing the crucial transition fuel bolstering India’s
energy security.
As we stand at another iconic milestone
today, we are geared up for the transformational growth that Reliance is set to
experience in the near future.”
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Reliance Industries has increased 5.83% to Rs 703305 crore. Sales of Others segment fell 27.27% to Rs
35,939.00 crore (accounting for 4.12% of total sales). Sales of Oil and Gas segment has gone up
4.45% to Rs 18,771.00 crore (accounting for 2.15% of total sales). Sales of Digital Services segment has gone up
15.34% to Rs 113,258.00 crore (accounting for 12.98% of total sales). Sales of Oil to Chemicals (02C) segment has
gone up 9.52% to Rs 462,308.00 crore (accounting for 52.98% of total sales). Sales of Retail segment has gone up 5.27% to
Rs 242,306.00 crore (accounting for 27.77% of total sales). Inter-segment sales rose Rs 82,577.00 crore
to Rs 89,546.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 0.30% to Rs 89,153.00 crore. PBIT of Others segment fell 73.20% to Rs 328.00
crore (accounting for 0.37% of total PBIT).
PBIT of Oil and Gas segment rose 11.95% to Rs 12,035.00 crore
(accounting for 13.50% of total PBIT).
PBIT of Digital Services segment rose 17.91% to Rs 28,916.00 crore
(accounting for 32.43% of total PBIT).
PBIT of Oil to Chemicals (02C) segment fell 13.10% to Rs 34,118.00 crore
(accounting for 38.27% of total PBIT).
PBIT of Retail segment rose 4.80% to Rs 13,756.00 crore (accounting for
15.43% of total PBIT).
PBIT margin of Others segment fell from 2.48%
to 0.91%. PBIT margin of Oil and Gas
segment rose from 59.82% to 64.11%. PBIT
margin of Digital Services segment rose from 24.97% to 25.53%. PBIT margin of Oil to Chemicals (02C) segment
fell from 9.30% to 7.38%. PBIT margin of
Retail segment fell from 5.70% to 5.68%.
Overall PBIT margin fell from 10.87% to 10.22%.
Operating profit margin has declined from
18.02% to 17.29%, leading to 1.58% rise in operating profit to Rs 121,612.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 43.84% to 43.66%. Purchase of finished goods cost rose from
21.75% to 22.51%. Employee cost
increased from 2.79% to 2.90%. Other
expenses rose from 13.91% to 14.08%.
Other income rose 13.45% to Rs 13073
crore. PBIDT rose 2.62% to Rs 134685
crore. Provision for interest rose 4.36%
to Rs 18114 crore.
PBDT rose 2.36% to Rs 116571 crore. Provision for depreciation rose 6.42% to Rs
39657 crore.
Profit before tax grew 0.38% to Rs 76,914.00
crore. Share of profit/loss was 20.21%
higher at Rs 345 crore. Provision for
tax was expense of Rs 18561 crore, compared to Rs 19130 crore. Effective tax rate was 24.02% compared to
24.87%.
Minority interest increased 19% to Rs
8,457.00 crore. Net profit attributable
to owners of the company decreased 0.85% to Rs 50,241.00 crore.
Promoters’ stake was 49.11% as of 31 December
2024 ,compared to 49.11% as of 31 December 2023 .
Operational Highlights
Consolidated Jio Platforms
Strong operating
revenue growth due to partial impact of tariff hike, ramp up in pace of home
connect and accelerating non-connectivity digital services businesses (60%+
Y-o-Y in Q3FY25).
ARPU increased
further to Rs 203.3 with sustained impact of tariff hike and better subscriber
mix. Residual impact of tariff hike still to play out.
Industry leading
customer engagement with per capita data consumption of 32.3 GB per month, and
total data traffic growth of 22.0%.
Customer addition
has rebounded to pre-tariff-hike levels in the exit month after transient SIM
consolidation.
Net subscriber
addition in Q3FY25 was 3.3 million and monthly churn moderated to 2.0%.
Jio continues to
drive 5G uptake in India with over 170 million subscribers on True5G network,
accounting for 40% of Jio’s wireless traffic
Reliance Retail
Business registered a revenue of Rs 90,333 crore, up 8.8% YoY and 18.4%
QoQ.
Strong sequential growth was driven by several productivity improvement
initiatives and increased customer engagement during festive period through new
product launches and promotions.
EBITDA from operations was at Rs 6,632 crore, up 9.8% YoY. EBITDA margin
from operations at 8.3%, up 20 bps YoY.
The business opened 779 new stores. Total store count at 19,102 with area
under operation at 77.4 million sq. ft.
The quarter recorded footfalls of over 296 million, a growth of 5% YoY.
B2C Grocery grew by 37% YoY reflecting rapid growth at significantly
higher scale relative to other offline and online grocery players
Oil to Chemicals (O2C)
Segment Revenue for
Q3FY25 increased by 6.0% YoY to Rs 149,595 crore primarily on account of higher
production meant for sale as compared to Q3FY24 which had planned maintenance
and inspection shutdown of major units. Revenue growth was also supported by
robust domestic demand and product placement. Domestic fuel retailing volume
increased significantly with 43.7% growth in MS and 22.8% growth in HSD.
Segment EBITDA for
Q3FY25 increased by 2.4% YoY to Rs 14,402 crore following a strong volume-led
growth and higher polymer deltas. RIL’s feedstock flexibility, benefits of
ethane cracking over naphtha and focus on yield optimization helped offset the
impact of unfavorable fuel cracks.
In Q3FY25, global
oil demand rose by 1.5 mb/d Y-o-Y to 104 mb/d led by Asia ex-China. Heightened
gas prices in EU and Asia also drove up oil demand. Jet/Kero demand grew 0.5
mb/d Y-o-Y, Gasoline demand grew by 0.4
mb/d Y-o-Y and Diesel demand grew by 0.1 mb/d Y-o-Y.
Dated Brent
averaged $74.7/bbl in 3Q FY25, down $9.4/bbl (11.1%) Y-o-Y. Crude oil
benchmarks fell Y-o-Y due to high non-OPEC production keeping markets well
supplied along with, strong US Dollar and weak Chinese
economy.
Global refinery
crude throughput was higher by 0.75 mb/d Y-o-Y at 81.75 mb/d in 3Q FY25.
However, global utilization rate was 29 bps lower Y-o-Y at 78.7% due to net
capacity addition of 1.3 mb/d.
Domestic demand of
HSD, MS & ATF increased by 4.8%, 9.6% and 8.9% respectively over same
quarter last year.
Domestic demand of
polymer increased by 11% in Q3FY’25 on Y-o-Y basis. PP demand was up 16% led by
consumer durables, packaging, construction and automotive sectors. PE demand
was up 5% led by retail and
food packaging sectors. PVC demand was up 16% led by agriculture and
infrastructure sectors
Domestic demand of
Polyester increased by 12% in Q3FY’25 on Y-o-Y basis. PET demand was up 13% due
to higher demand from beverages sector. PFY and PSF demand was up 13% and 9% respectively due to
improvement in downstream operations.
Singapore Gasoline
92 RON cracks declined Y-o-Y to $6.5/bbl in Q3FY25 vs $7.6/bbl in Q3FY24 and
$6.8/bbl in Q2FY25 on lower domestic demand in China and record high US
refinery runs resulting in ample supply.
Singapore Gasoil
10-ppm cracks declined Y-o-Y to $15.1/bbl in 3Q FY25 vs $24.4/bbl in Q3FY24 due
to sluggish demand growth, especially in China and high inventory levels in
Singapore. However, gasoil cracks improved sequentially from $13.6/bbl in
Q2FY25 with higher demand from Asia and EU due to firm gas prices.
Singapore Jet/Kero
cracks fell Y-o-Y to $14.8/bbl in Q3FY25 vs $23.6/bbl in Q3FY24 in line with
gasoil cracks. Jet/Kero cracks improved sequentially from $13.1/bbl in Q2FY25
with strong tourism demand during the holiday season.
Polymer margins
improved Y-o-Y with higher PP and PE prices with stable Singapore Naphtha price
at $635/MT. EDC price was at $288/MT, down 12% Y-o-Y with higher caustic
realisation. PP margin over Naphtha was higher at $308/MT during Q3FY25 as
against $281/MT in Q3FY24. PE margin over Naphtha was higher at $294/MT during
Q3FY25 as against $292/MT in Q3FY24. PVC margin over Naphtha and EDC was higher
at $361/MT in Q3FY25 as against $342/MT in Q3FY24.
Polyester chain
margin was $430/MT during Q3FY25 as against $488/MT in Q3FY24. PX margin over
Naphtha decreased substantially by 47% Y-o-Y to $188/MT, driven by higher PX
supplies and stable Naphtha prices. Downstream polyester margins improved
sharply with strong demand and weak fibre intermediate prices.
Reliance BP
Mobility Limited (RBML) (operating under brand Jio-bp), operates a country-wide
network of 1,865 outlets (vs 1,698 in Q3FY24).
Oil and Gas (Exploration and production)
Business
Q3FY25 revenue is
lower by 5.2% as compared to Q3FY24 mainly on account of lower volume of gas
and condensate in KGD6, lower realisation for CBM Gas and Condensate. This was
partly offset by increase in CBM
gas volumes and marginal increase in the KGD6 gas price.
The average price
realized for KGD6 gas was $ 9.74/MMBTU in Q3FY25 vis-à-vis $ 9.66/MMBTU in
Q3FY24. The average price realised for CBM gas was $ 10.58/MMBTU in Q3FY25
vis-à-vis $ 15.55/MMBTU in Q3FY24.
The average KGD6
Production for the Q3FY25 is 28.04 MMSCMD of gas and 21,000 bbl/day of
Oil/Condensate.
The current rate of
production in KGD6 is around 27.9 MMSCMD of gas and ~ 20,700 bbl/day of
Oil/Condensate
The scrip is
currently trading at Rs 1290
Reliance Industries : Consolidated
Results
|
Particulars
|
2412
(03)
|
2312
(03)
|
Var.(%)
|
2412
(09)
|
2312
(09)
|
Var.(%)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
Net
Sales
|
2,39,986.00
|
2,25,086.00
|
7
|
7,03,305.00
|
6,64,531.00
|
6
|
9,01,064.00
|
8,77,835.00
|
3
|
OPM
(%)
|
18.25
|
18.06
|
|
17.29
|
18.02
|
|
18.00
|
16.19
|
|
OP
|
43,789.00
|
40,656.00
|
8
|
1,21,612.00
|
1,19,717.00
|
2
|
1,62,233.00
|
1,42,162.00
|
14
|
Other
Inc.
|
4,214.00
|
3,869.00
|
9
|
13,073.00
|
11,523.00
|
13
|
16,057.00
|
11,734.00
|
37
|
PBIDT
|
48,003.00
|
44,525.00
|
8
|
1,34,685.00
|
1,31,240.00
|
3
|
1,78,290.00
|
1,53,896.00
|
16
|
Interest
|
6,179.00
|
5,789.00
|
7
|
18,114.00
|
17,357.00
|
4
|
23,118.00
|
19,571.00
|
18
|
PBDT
|
41,824.00
|
38,736.00
|
8
|
1,16,571.00
|
1,13,883.00
|
2
|
1,55,172.00
|
1,34,325.00
|
16
|
Depreciation
|
13181
|
12903
|
2
|
39657
|
37263
|
6
|
50832
|
40303
|
26
|
PBT
|
28,643.00
|
25,833.00
|
11
|
76914
|
76620
|
0
|
104340
|
94022
|
11
|
Share
of Profit/(Loss) from Associates
|
126
|
153
|
-18
|
345
|
287
|
20
|
387
|
24
|
999
|
PBT
before EO
|
28769
|
25986
|
11
|
77259
|
76907
|
0
|
104727
|
94046
|
11
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
PBT
after EO
|
28769
|
25986
|
11
|
77259
|
76907
|
0
|
104727
|
94046
|
11
|
Taxation
|
6839
|
6345
|
8
|
18561
|
19130
|
-3
|
25707
|
20376
|
26
|
PAT
|
21930
|
19641
|
12
|
58698
|
57777
|
2
|
79020
|
73670
|
7
|
Minority
Interest (MI)
|
3390
|
2376
|
43
|
8457
|
7107
|
19
|
9399
|
7386
|
27
|
Net
profit
|
18540
|
17265
|
7
|
50241
|
50670
|
-1
|
69621
|
66284
|
5
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
51.5
|
49.0
|
|
Notes
|
*
EPS is on current equity of Rs 13,532.37 crore, Face value of Rs 10,
Excluding extraordinary items.
|
#
EPS is not annualised
|
bps
: Basis points
|
EO
: Extraordinary items
|
Figures
in Rs crore
|
Source:
Capitaline Corporate Database
|
Reliance Industries : Consolidated
Segment Results
|
|
%
of (Total)
|
2412
(03)
|
2312
(03)
|
Var.(%)
|
%
of (Total)
|
2412
(09)
|
2312
(09)
|
Var.(%)
|
%
of (Total)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
Sales
|
|
|
|
|
Others
|
4
|
12,236.00
|
12,476.00
|
-2
|
4
|
35,939.00
|
49,417.00
|
-27
|
7
|
80,516.00
|
88,455.00
|
-9
|
Oil
and Gas
|
2
|
6,370.00
|
6,719.00
|
-5
|
2
|
18,771.00
|
17,971.00
|
4
|
2
|
24,439.00
|
16,508.00
|
48
|
Digital
Services
|
13
|
39,733.00
|
33,463.00
|
19
|
13
|
1,13,258.00
|
98,197.00
|
15
|
12
|
1,32,938.00
|
1,19,791.00
|
11
|
Oil
to Chemicals (02C)
|
50
|
1,49,595.00
|
1,41,096.00
|
6
|
53
|
4,62,308.00
|
4,22,115.00
|
10
|
51
|
5,64,749.00
|
5,94,650.00
|
-5
|
Retail
|
30
|
90,351.00
|
83,040.00
|
9
|
28
|
2,42,306.00
|
2,30,165.00
|
5
|
28
|
3,06,848.00
|
2,60,394.00
|
18
|
Total
Reported Sales
|
100
|
2,98,285.00
|
2,76,794.00
|
8
|
100
|
8,72,582.00
|
8,17,865.00
|
7
|
100
|
11,09,490.00
|
10,79,798.00
|
3
|
Less:
Inter segment revenues
|
|
31,099.00
|
28,634.00
|
9
|
|
89,546.00
|
82,577.00
|
8
|
|
1,09,368.00
|
1,04,934.00
|
4
|
Net
Sales
|
|
2,67,186.00
|
2,48,160.00
|
8
|
|
7,83,036.00
|
7,35,288.00
|
6
|
|
10,00,122.00
|
9,74,864.00
|
3
|
PBIT
|
|
|
|
|
Others
|
0
|
114
|
184
|
-38
|
0
|
328
|
1,224.00
|
-73
|
1
|
1,387.00
|
1,045.00
|
33
|
Oil
and Gas
|
13
|
4,222.00
|
4,116.00
|
3
|
14
|
12,035.00
|
10,750.00
|
12
|
12
|
14,831.00
|
10,933.00
|
36
|
Digital
Services
|
31
|
10,252.00
|
8,361.00
|
23
|
32
|
28,916.00
|
24,523.00
|
18
|
28
|
33,124.00
|
29,681.00
|
12
|
Oil
to Chemicals (02C)
|
39
|
12,819.00
|
11,993.00
|
7
|
38
|
34,118.00
|
39,262.00
|
-13
|
45
|
53,617.00
|
53,883.00
|
0
|
Retail
|
16
|
5,322.00
|
4,884.00
|
9
|
15
|
13,756.00
|
13,126.00
|
5
|
15
|
17,498.00
|
13,994.00
|
25
|
Total
PBIT
|
100
|
32,729.00
|
29,538.00
|
11
|
100
|
89,153.00
|
88,885.00
|
0
|
100
|
1,20,457.00
|
1,09,536.00
|
10
|
Less
: Interest
|
|
6,179.00
|
5,789.00
|
7
|
|
18,114.00
|
17,357.00
|
4
|
|
23,118.00
|
19,571.00
|
18
|
Add:
Other un-allcoable
|
|
2,093.00
|
2,237.00
|
-6
|
|
5,875.00
|
5,379.00
|
9
|
|
7,388.00
|
4,081.00
|
81
|
PBT
|
|
28,643.00
|
25,986.00
|
10
|
|
76,914.00
|
76,907.00
|
0
|
|
1,04,727.00
|
94,046.00
|
11
|
|