Reliance Industries Ltd (RIL) became the first Indian company to cross the Rs 1 lakh crore mark in annual pre-tax profit. Net profit for the fiscal year rose by 7 percent to Rs 79,020 crore from a year earlier.


Further, the company reported a record annual consolidated revenue of over Rs 10 lakh crore, driven by continued growth momentum in consumer businesses and upstream business.

EBITDA rose 16.1 percent to Rs 1.79 lakh crore in the year ended March 31.

The company also announced a dividend of Rs 10 per share for the financial year ended March 31, 2024.

Quarterly results

For the quarter ending March 31, the company said that net profit rose to Rs 21,243 crore, beating analyst estimates, driven by a recovery in its core oil-to-chemicals (O2C) business.

Profit attributable to owners of the company stood at Rs 18,951 crore in the fourth quarter, as per the press release.

India’s most valuable company reported revenue of Rs 2.41 lakh crore in the three months ended March 31.

Based on an average of 10 brokerage estimates, analysts had projected a profit of Rs 18,248 crore on revenue of Rs 2.39 lakh crore.

Consolidated EBITDA rose 14.3 percent to Rs 47,150 crore in the quarter ending March 31, from a year-ago period.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. 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 30percent of India’s domestic gas production.”

Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, Ambani said.

“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,” he added.

The company’s four main segments-O2C, Oil & Gas, Retail, and Jio-have all reported robust operating performance.


EBIDTA of the company’s oil-to-chemicals business rose by three percent to Rs 16,777 crore in the March quarter, from Rs 16,293 crore in the year earlier.

EBITDA for the O2C business, was supported by advantageous feedstock sourcing, ethane cracking and higher domestic product placement.
“In 4Q FY24, global oil demand rose by 1.6 mb/d Y-o-Y to 102 mb/d due to higher demand, mainly from Americas, and Asia,” the company said.
The O2C business includes refining, petrochemicals, fuel retailing through Reliance BP Mobility Ltd, aviation fuel and bulk wholesale marketing.

Oil & Gas business

The oil and gas business reported a record quarterly EBITDA of Rs 5,606 crore, a 47.5 percent increase from a year earlier.

Reliance’s oil and gas revenue rose 42 percent to Rs 6,468 crore mainly on account of higher volumes, partly offset by lower price realisation from KG D6 Field.

The average price realised for KG D6 gas was $ 9.53/MMBTU in 4Q FY24 vis-à-vis $ 11.39/MMBTU in 4Q FY23. The average price realised for CBM gas was $ 14.34/MMBTU in 4Q FY24 vis-à-vis $ 19.57/MMBTU in 4Q FY23.

Jio Platforms

Jio Platforms’ profit for the fourth quarter stood at Rs 5,583 crore, an increase of 12 percent, driven by strong subscriber additions.

The average revenue per user (ARPU), an important metric to measure the performance of telecom companies, also improved 1.6 percent to Rs 181.7 per user per month from a year earlier.

Jio added 10.9 million net subscribers during Q4 FY24.


For the retail business, EBITDA rose 18.1 percent to Rs 5,632 crore from a year earlier.

Revenue from operations rose 10.6 percent to Rs 76,627 crore in the quarter, led by growth in consumer electronics and fashion & lifestyle.

The business grew its store footprint across consumption baskets, opening 1,840 stores with a gross area addition of 15.6 million sq. ft. Total store count stood at 18,836 covering an area of 79.1 million sq. ft.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.