Reliance Q1 Results: Revenue, profit declines but telecom, retail shine; six key highlights from RIL's Q1FY24 scorecard

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dividend of ₹9 per fully paid-up equity share of ₹10 each for the financial year ended March 31, 2023. Read more: Reliance Q1 Results: Net profit declines 10% to ₹16,011 crore on weaker O2C biz, revenue down 4%; dividend declared Here are six key highlights from Reliance Industries' Q1FY24 scorecard: Overall, RIL's revenue and profit declined, mainly because of the weak performance of the O2C business. RIL's consolidated gross revenue declined 4.7 per cent YoY to ₹2,31,132 crore.

The company said its gross revenue declined due to a sharp decline in O2C (oil to chemicals) revenues with a 31 per cent fall in crude oil prices. However, the company claimed this is partially offset by continued growth in consumer businesses and an increase in volumes from O2C and oil and gas business. Profit after tax (PAT), excluding financial services, came at ₹18,258 crore, down 5.9 per cent YoY on account of higher finance costs and increased depreciation.

EBITDA for Q1FY24 inched up by 5.1 per cent YoY to ₹41,982 crore. RIL said EBITDA growth was led by consumer and upstream businesses, which offset the decline in O2C earnings. O2C earnings were lower due to a sharp fall in fuel cracks from exceptionally high levels in Q1FY23.

Despite a weak show, RIL said its O2C segment delivered a resilient performance despite short-term macro challenges. "Demand was impacted by destocking on recessionary fears and high-interest rates, as well as slower than expected ramp-up in China markets. YoY comparisons are skewed due to historically high fuel cracks in Q1FY23, with dislocation in energy markets," the company said in a statement.