RIL Consolidated – Key Highlights:
– For Q2 FY2023-24 Reliance posted consolidated revenues at ₹255,996 crore ($30.8 billion), up 1.2% Y-o-Y, supported by continuing growth momentum in consumer businesses
– Reliance’s quarterly EBITDA stood at ₹44,867 crore ($5.4 billion), up 30.2% Y-o-Y
– Reliance’s consolidated Profit after Tax was at ₹19,878 crore ($2.4 billion), up 29.7% Y-o-Y
– Quarterly EBITDA for Reliance Retail at ₹5,820 crore; up 32.2% Y-o-Y; leads industry transition with 5G, JioBharat for Mobility, JioAirFiber for Homes / SMBs
– The Capital Expenditure for the quarter was ₹38,815 crore ($4.7 billion) with continuing accelerated investments in pan-India 5G roll-out
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth.”
Jio Platforms (Key Financial Highlights)
– For Q2 FY2023-24 Strong subscriber growth across mobility and wireline services and scale up of digital services platform drove JPL consolidated revenue and EBITDA growth.
– Jio Platforms’ Gross Revenue for the quarter was at a record high of ₹31,537 crore, up 10.6% Y-o-Y
– Jio Platforms’ EBITDA for the quarter was a record ₹13,528 crore, up 12.6% Y-o-Y
– Jio Platforms’ Net Profit for the quarter was ₹5,297 crore, up 12.0% Y-o-Y
Jio Platforms (Key Operational Highlights)
– Engagement on Jio network remained strong with an addition of over 3 Exabytes of data traffic for the second successive quarter in Q2FY24. Total data and voice traffic increased 28.6% to 36.3 billion GB, and 8.3% Y-o-Y to 1.33 trillion minutes, respectively
– Net subscriber addition continued to accelerate with Jio adding an industry leading 11.1 million subscribers during the quarter. Monthly churn was down to 1.7% in Q2FY24; Customer base stood at 459.7 million as on 30th September 2023
– Jio’s ARPU increased 2.6% Y-o-Y to Rs 181.7 driven by better subscriber mix across mobility and wireline partially offset by start of 5G services.
– Jio has deployed over 1 million 5G cells pan India with coverage across ~8,000 cities/ towns. Third-party research companies have underlined Jio’s superiority in network performance and availability. Jio has contributed to 85% of the overall 5G capacity in the country till date. This has been powered by a 100% in-house 5G stack, designed, developed and manufactured entirely by Indian talent.
“I am happy that Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, Jio Airfiber and JioBharat phone. Based on our state-of-the-art standalone 5G network, Jio Airfiber significantly expands the reach and benefit of high-speed connectivity to millions of households across India. JioBharat phone will enable digital inclusion for millions of Indians and catalyse India’s transformation to next-gen connectivity solutions. By December 2023, we will also complete Pan-India rollout of 5G services and set a new global benchmark for the fastest roll-out of a 5G network across a large nation,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.
Mr. Akash M. Ambani, Chairman of Reliance Jio Infocomm said “Jio True5G will soon available pan India to usher in a new digital era for Indians. JioAirFiber has seen very strong customer interest and is set to transform broadband infrastructure in the country by offering fiber like digital experience to homes and small enterprises. Ubiquitous 5G, JioBharat and JioAirFiber are three big growth engines for Jio which would accelerate market share gains and profitability.”
Reliance Retail (Key Financial Highlights)
– For Q2 FY2023-24 Reliance Retail delivered a strong performance with Gross Revenue recorded at ₹ 77,148 crore for 2Q FY24, a growth of 18.8% Y-o-Y led by well-rounded growth across consumption baskets. Grocery and Fashion & Lifestyle businesses maintained strong growth momentum while Consumer Electronics had a steady performance despite festive period falling in 3Q FY24.
– Reliance Retail posted an EBITDA of ₹5,820 crore, which was up by 32.2% on a Y-o-Y basis.
– EBITDA margin from operations on net sales was at 8.1%, up 70 bps Y-o-Y driven by operating leverage and continued focus on cost management.
– Reliance Retail’s Net profit for the quarter was ₹2,790 crore, up 21.0% Y-o-Y
Reliance Retail (Key Operational Highlights)
– For Q2 FY2023-24 Reliance Retail expanded its store network with 471 new store openings taking the total store count at the end of the quarter to 18,650 stores with an area of 71.5 mn sq ft
– Reliance Retail recorded footfalls of over 260 million across formats, a growth of 40.5% Y-o-Y; Digital Commerce and New Commerce businesses continued to grow and contributed 19% of revenue.
– Global marquee investors reaffirmed their confidence in Reliance Retail’s vision, execution prowess and value creation. The business completed equity fund raise of ₹15,314 crore in the current round from global marquee investors.
– Reliance Retail completed transfer of assets to warehouse InvIT entity for a total consideration of ₹5,150 crore on 25th October 2023. The asset value is reflected in Other Financial Assets as on 30th September 2023
“Reliance Retail has continued to rapidly expand its offline as well as online presence, while adding to its already impressive range of products and offering. We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our Retail business model is consistently delivering robust performance,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial matrices. The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm.”
RIL Oil-to-Chemicals (Key Financial Highlights)
– For Q2 FY2023-24 Reliance’s O2C segment quarterly revenue fell 7.3% Y-o-Y to ₹147,988 crore primarily on account of a sharp 14% reduction in crude oil prices, resulting in lower price realisation for products
– O2C EBITDA for the quarter at ₹16,281 crore ($2.0 billion), higher by 36.0% Y-o-Y, with strength in gasoline and PVC margins, optimized feedstock sourcing and lower SAED in-line with decline in middle-distillate cracks. Downstream contribution remained weak with lower PE, PP and polyester chain deltas.
RIL Oil-to-Chemicals (Key Operational Highlights)
– For Q2 FY2023-24 the O2C business focused on maximizing Alkylate and high RON gasoline export with improved premiums, while Improved Gasifier availability and performance helped in minimizing the fuel mix cost.
– O2C Production meant for Sale was 17.1 million tonne for the quarter, up 5.6% Y-o-Y
– Shutdown of one Crude unit, Catalytic Cracking unit, Coker unit, Refinery Off-gas Cracker (ROGC) and Downstream units were initiated in the second half of September’ 2023 for regular Maintenance & Inspection
“Resilient performance of the O2C segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market. Weak global demand and supply-overhang continued to impact downstream margins,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited
RIL Oil & Gas (Key Financial Highlights)
– For Q2 FY2023-24 Reliance’s Oil & Gas segment quarterly revenues jumped 71.8% to ₹6,620 crore ($797 million) mainly on account of higher production of Gas & Oil and commencement of Condensate production from MJ field along with 6% higher gas price realization in KG D6.
– Oil & Gas EBITDA increased to ₹ 4,766 crore, up by 50.3% on Y-o-Y basis.
– EBITDA margin was at 72% for 2Q FY24. Margins were compressed during the quarter due to higher costs related to commissioning and ramp-up of MJ field and decommissioning activities at Tapti field
RIL Oil & Gas (Key Operational Highlights)
– For Q2 FY2023-24 the KG-D6 production was 68.3 BCFe, up 65.8% Y-o-Y;
– With incremental gas production from MJ field, along with ongoing production from R Cluster and Satellite Cluster fields, Block KG D6 is currently producing ~29 MMSCMD.
– The Drilling & Completion campaign for MJ wells has been completed successfully with all eight wells have been completed, connected, and are now producing.
“The growth of oil and gas business is particularly noteworthy with production from KGD6 block ramping up and providing valuable fuel for energy transition to the Indian economy,” said “Resilient performance of the O2C segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market. Weak global demand and supply-overhang continued to impact downstream margins,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited