Reliance Q1 Results Live Updates
Reliance Industries Limited (RIL) has reported its first-quarter results for the financial year 2024, showcasing a mixed set of numbers. The company’s depreciation rose by 15% year-on-year to ₹13,596 crore, driven by an expanded asset base across various businesses. Additionally, finance costs saw a 1% increase year-on-year, reaching ₹5,918 crore, largely due to higher interest rates.
Key highlights from RIL’s June quarter include consolidated revenues of ₹257,823 crore ($30.9 billion), marking an 11.5% year-on-year increase. The consolidated EBITDA rose by 2% year-on-year to ₹42,748 crore ($5.1 billion), with strong performance in the oil & gas and consumer sectors offsetting weaker results in the O2C segment. However, profit after tax decreased by 4% year-on-year to ₹17,448 crore ($2.1 billion) due to increased depreciation.
Mukesh D. Ambani, Chairman and Managing Director of RIL, emphasized the company’s diverse portfolio of businesses contributing significantly to India’s growth. He highlighted the strong performance in the Consumer and Upstream businesses, offsetting the weak O2C operating environment.
Looking ahead, analysts expect the retail segment to continue growing, with EBITDA forecasted to increase by 16% year-over-year. The telecom and retail sectors are anticipated to post robust growth, driving Reliance Industries’ overall performance.
Despite challenges in its oil-to-chemicals segment, RIL is expected to deliver a mixed set of numbers for the first quarter. The company’s retail and telecom divisions are projected to show strong performance, while the O2C segment may face some headwinds.
Investors are advised to keep an eye on Reliance’s performance and consider buying opportunities, as the company navigates through the evolving business landscape.
