RIL Q1 Results: PAT drops 5% YoY to Rs 15,138 crore; revenue jumps 12%
Reliance Industries Ltd (RIL) on Friday reported a 5% decline in its consolidated net profit to Rs 15,138 crore for the first quarter ended June 2024. The same stood at Rs 16,011 crore in the year-ago period.
Revenue from operations increased 12% year-on-year (YoY) to Rs 2.36 lakh crore in the reporting period.
The profit missed Street expectations by a wide margin; the estimates were around Rs 16,341 crore, while revenue was in line with expectations.
Consolidated EBITDA for the first quarter increased 2% year-on-year to Rs 42,748 crore, while EBITDA margins declined 150 basis points year-on-year to 16.6%.
The strong growth in revenues was led by the O2C segment on higher oil and product prices and the oil and gas segment with strong growth in volumes. Steady growth in consumer businesses also contributed to increase in revenue.
«Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services,» said Mukesh Ambani, Chairman and MD, Reliance Industries.
Depreciation increased by 15% year-on-year (YoY) to Rs 13,596 crore ($1.6 billion) in the first quarter on an expanded asset base across all the businesses, higher network utilization in the digital services business, higher retail store count, and ramp-up in upstream production.
Finance costs also jumped
