Refineries & Petroproducts company Reliance Industries announced consolidated Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Gross Revenue was Rs 2,64,834 crore (USD 31.8 billion), up 10.8% YoY. EBITDA increased by 14.3% YoY to Rs 47,150 crore (USD 5.7 billion). Jio Platforms (JPL) EBITDA increased 12.5% YoY. EBITDA for Reliance Retail Ventures (RRVL) increased sharply by 18.5% and a 60bps margin expansion to 8.6%. Oil and Gas segment EBITDA increased sharply by 47.5%. Depreciation increased by 18.5% YoY to Rs 13,569 crore (USD 1.6 billion) on expanded asset base across all the businesses. Finance Costs decreased by 1.0% YoY to Rs 5,761 crore (USD 691 million). Tax Expenses increased sharply YoY to Rs 6,577 crore (USD 789 million). Profit after tax improved marginally YoY to Rs 21,243 crore (USD 2.5 billion). Capital Expenditure for the quarter ended March 31, 2024, was Rs 23,207 crore (USD 2.8 billion). FY24 Financial Highlights: Gross Revenue was Rs 10,00,122 crore (USD 119.9 billion), up 2.6% YoY. Revenue for JPL increased by 11.7% YoY. O2C revenue decreased by 5.0%. Revenue from Oil & Gas segment increased significantly by 48.0%. EBITDA increased by 16.1% YoY to Rs 1,78,677 crore (USD 21.4 billion). JPL EBITDA increased 12.8% YoY. RRVL EBITDA increased sharply by 28.5% YoY with margin expansion of 60 bps to 8.4%. O2C EBITDA increased marginally. Oil and Gas EBITDA increased sharply by 48.6%. Depreciation increased by 26.1% YoY to Rs 50,832 crore (USD 6.1 billion). Finance Costs increased by 18.1% YoY to Rs 23,118 crore (USD 2.8 billion). Tax Expenses increased by 26.2% YoY to Rs 25,707 crore (USD 3.1 billion). Profit after tax increased by 7.3% YoY to Rs 79,020 crore (USD 9.5 billion). Capital Expenditure for the year ended March 31, 2024, was Rs 1,31,769 crore (USD 15.8 billion). Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services. With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation’s digital infrastructure. Reliance Retail continued to provide customers endless choices through its robust omni-channel presence. We continue to offer product differentiation and superior offline experience through stores remodelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space. Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production. We remain committed to our projects and initiatives, including those in the New Energy segment, which will bolster the company, and help it deliver sustainable growth for the future.” Result PDF